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Tuesday, 26 September 2017

Spinneys to invest EGP 250 mn in doubling number of branches to 24 by 2019

INVESTMENT WATCH- Supermarket operator Spinneys is planning to invest more than EGP 250 mn to double its number of branches in the country to 24 by 2019, the company’s Egypt CEO Mohanad Adly tells Al Mal. Two new branches in Maadi and Al Shorouk City are already under construction, with one set to open next month and another in early 2018. The company is also in talks to acquire space at the new administrative capital to build a large hypermarket within a mall, Adly says. The expansion is part of a company strategy, which began in 2015, to pump c. EGP 500 mn in new investments into Egypt over the course of four years. Spinneys, which is fully-owned by the UAE’s Abraaj Group, is hoping to grow revenues to north of EGP 2 bn by the end of 2018, on the back of new outlets. The group has been on an expansion drive in Egypt since last fall (coverage here and here).

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