M&S IS THE LATEST BRAND TO JOIN A STRING OF FOREIGN INVESTMENTS IN EGYPT
British retailer Marks & Spencer has opened a second store in Egypt at Citystars after success in the country.
The retailer decided to open another store due to the success of its first shop opening in Dandy Mall in 2010.
Earlier in the year, Head of operations for M&S at Dubai’s Al Futtaim, Bruce Bowman, commented: “We have undoubted confidence that we will be in Egypt for the medium to long term. Egypt is a key market, with a population of 80 million there’s real opportunity for scale there.”
The Al Futtaim Group owns the rights to Marks and Spencer in the Middle East and the store is expected to generate substantial sales and be a huge success.
Steve Hammett, President of Retail at Al Futtaim Group, discussed their latest expansion in Egypt: “Marks and Spencer’s store will offer a gross footage spanning over 1,600 square meters and a mix of retail options including men, women and children fashions, accessories, lingerie and beauty items.”
The expansion of the British retailer in Egypt is good news for the country’s economy and is expected to attract other foreign investments to the area.
Foreign investments in Egypt are on the rise and more businesses are choosing Egypt as their next place to invest. It certainly looks like Egypt is set to have a thriving economy over the next few years as investors are confident Egypt offers a lot of opportunities.
Source: ameinfo.com; internationalsupermarketnews.com