Fawaz Abdulaziz Alhokair & Company today said that the Company will be opening 90 stores by the end of Ramadan in numerous new and existing malls in prime locations across the Kingdom. 54 new stores will open in four new malls like Hayat and Venicia malls in Riyadh, Abraj Al Bait Mall in Makkah and City Mall in Al Shifa’a.
Existing malls like Salam Mall, Sahara Plaza, Mall of Dhahran, Al Nakheel Plaza, Faysaliah Mall and Kingdom Centre among others will witness the opening of 36 new stores.
New brands being launched in stores are Anotah & Quiz, and are the latest addition to Fawaz Alhokair & Company’s collection of 42 world famous brands.
These 90 stores are part of the 207 stores that the Company intends to open in the next 2 years in line with the store expansion plan. As of March 31st, 2006 Alhokair had 617 stores spread across the Kingdom of Saudi Arabia.
The Company believes that there are extensive opportunities in the Saudi fashion retail market. The Company has identified a large number of new locations in Saudi Arabia where the company is not currently represented and where there is potential to open suitable stores.
Dr. Abdulmajeed Alhokair, Chief Executive Officer, Fawaz Abdulaziz Alhokair & Company said: “I congratulate our team of experts who have managed to pull this off. It is a remarkable achievement considering that it is Ramadan time and work efficiency is considerably down across the Kingdom. Besides, there are impediments in supply chain management of goods and services which makes the task further complicated, but with team-effort and fool-proof planning we managed to achieve what others cannot even fathom.”
“Each store is a hallmark of unmatched quality, design and ambience which is now a given for Alhokair. The Company has successfully demonstrated its ability to operate profitably in smaller towns as well as city-centric locations. The management is encouraged by the success of the recent introduction of childrenswear, womenswear and department stores and believes that further opportunities exist to extend the product ranges offered by Alhokair, particularly in menswear, footwear and eyewear,” he added.
“Alhokair enjoys lion’s share of 48.3% in the fashion retail industry in KSA according to recent Euromonitor study. With the opening of 90 stores we will further consolidate our position as the number one retailer,” he said.
