Landmark Group Reveals Expansion Plans
Opens 25 retail brands and 3 restaurants at Mirdif City Centre on same day - Biggest achievement by any retailer so far in the UAE
Plans a further USD 150 million expansion across the Middle East in the next three years
Landmark Group, one of the largest retail conglomerates in the Middle East, today announced plans to expand its business operations with an investment of more than USD 150 million in the next three years.
As part of its expansion drive, the leading retail and hospitality Group recently opened 25 retail brands and 3 restaurants covering a total retail space of over 300,000 square feet at Mirdif City Centre. This has been the biggest achievement by any retailer in the UAE so far on one single day.
Outside the GCC, Landmark Group is looking to drive growth in Egypt and further expand its footprint to Lebanon, Libya & Syria.
"The recession has been harsh on the retail industry but it's time to look forward having seen the worst of it. We are optimistic about a full recovery in the foreseeable future and hence would not hold back on our expansion plans," said Vipen Sethi, CEO of Landmark Group.
In 2009, Landmark Group took up over 150,000 square feet of retail space for Centrepoint, Home Centre, New Look and Max in Alexandria City Centre, Egypt - another Majid Al Futtaim (MAF) development. This was in addition to a 23,000 square feet Splash outlet opened at Maadi City Centre also in Egypt.
The Group currently occupies close to 1.1 million square feet across 10 Majid Al Futtaim (MAF) malls, which is about 11% of total Gross Leasable Area (GLA) in MAF properties in the region. Landmark Group is perhaps one of the most significant tenants in MAF Properties across the region.
Founded in 1973, the Landmark Group has successfully grown into one of the largest and most successful retail organizations in the Middle East and India. With a turnover in excess of USD 3.2 billion, the Group has achieved a consistently strong financial performance at a compound annual growth rate (CAGR) of 25% over the last five years. An international, diversified retail conglomerate that encourages entrepreneurship to consistently deliver exceptional value, the Group operates over 900 stores encompassing over 13 million square feet across GCC, India, Egypt, Turkey, Yemen and Pakistan.
Commenting on the Group's presence at Mirdif City Centre, Vipen said: "Majid Al Futtaim Properties have contributed immensely to the region's retail landscape by developing malls that are of world-class standards. Mirdif City Centre will no doubt establish itself as a retail destination of choice and we are pleased to be associated with the mall. On behalf of the entire Landmark Group, I congratulate the management and staff of Majid Al Futtaim Properties for another landmark achievement."
Landmark Group employs more than 31,000 employees and provides a value-driven product range for the family through its core retail concepts: Centrepoint, Babyshop, Shoe Mart, Splash, Lifestyle, Beautybay, Iconic, Home Centre, Q Home Décor, Max, Shoexpress, E-Max, Landmark International, which includes franchise international brands such as New Look, Reiss, Aftershock and Koton and Shoe Mart International Footwear Division (Division which includes franchise footwear brands - Kurt Geiger, Casadei, Ecco, Bata, Pablosky, Fabi, Dumond, Lewre, Foot Solutions, Vicini and Valencia.
Besides retail, the Group has also diversified in the leisure, food and hospitality segments with Fun City, Gourmet Station, Spaces, Citymax Hotels and Foodmark - the restaurant division which operates franchise brands like Mango Tree, Mango Tree Bistro, The Meat Company, Carluccio's, La Gaufrette, Bazerkan and Ushna.
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