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196879
Sun, 07/24/2011 - 22:40
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http://m.oananews.org//node/196879
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Al Meera to Acquire Giant Stores
Doha, July 24 (QNA) - In a move to further bolster its market presence in line with its expansion plan, Al Meera Holding announced a preliminary agreement with the Saudi-owned Al Muhaidib Group, the current owners of the Giant Stores in Qatar, to acquire all the outlets in the country. The deal includes the acquisition of the Al Oumara Bakery Company, also owned by Al Muhaidib, a statement released by Al Meera said.
"This acquisition puts us at the very top position in the Qatari retail market," said Deputy CEO of Al Meera Dr Mohammed Al Qahtani. "Giant Stores is a well-known and resilient brand here in Qatar; even in the face of unprecedented competition, the chain managed to keep and expand its market share. We are proud of this deal, and moreover, delighted that the excellent and talented Giant Store staff will become part of the Al Meera family."
Giant Stores has been operating in Qatar since 2003 and runs four stores, with the main branch at the Hyatt Plaza with an area of 13000 square meters. Other branches are located at the Airport Road (750 sqm), Al Mirqab (1500 sqm) and Umm Guwailina (1500 sqm). A fifth supermarket store will be open during the month of Ramadan.
The deal, which is worth close to QR350m in additional revenue for Al Meera Holding, will see Al Meera operate hypermarkets for the first time:
"This acquisition marks our first step on the way to break into the hypermarket format operation in Qatar," said Guy Sauvage, Al Meera's Chief Executive Officer.
Through this acquisition Al Meera Holding will increase by 50% its sales area, jumping from 28,000 square meters of retail space to 45,500 square meters.
Both Al Meera and Al Muhaidib have agreed to the terms and conditions of the acquisition and a final announcement will be made after meeting legal and regulatory requirements.
This deal is part of Al Meera's aggressive expansion strategy to remain dominate in the Qatari market for more competitive pricing and to ensure access to all residents of the country to Al Meera retail stores. The chain is expected to add another 200,000 square meters of retail space in the next few years, and with the purchase of Giant Stores, Al Meera moves closer to its goal. Furthermore, with focus put on customer service, visitors to the retail stores will enjoy a pleasant experience while shopping for their household goods.
"The Board of Directors believed that the Giant Stores acquisition was in-line with our strategy," added Dr. Al Qahtani. "It is also compatible with our vision to become the 'favourite neighbourhood retailer,' meaning Al Meera will continue with its unparalleled customer service and product offerings."
"This acquisition puts us at the very top position in the Qatari retail market," said Deputy CEO of Al Meera Dr Mohammed Al Qahtani. "Giant Stores is a well-known and resilient brand here in Qatar; even in the face of unprecedented competition, the chain managed to keep and expand its market share. We are proud of this deal, and moreover, delighted that the excellent and talented Giant Store staff will become part of the Al Meera family."
Giant Stores has been operating in Qatar since 2003 and runs four stores, with the main branch at the Hyatt Plaza with an area of 13000 square meters. Other branches are located at the Airport Road (750 sqm), Al Mirqab (1500 sqm) and Umm Guwailina (1500 sqm). A fifth supermarket store will be open during the month of Ramadan.
The deal, which is worth close to QR350m in additional revenue for Al Meera Holding, will see Al Meera operate hypermarkets for the first time:
"This acquisition marks our first step on the way to break into the hypermarket format operation in Qatar," said Guy Sauvage, Al Meera's Chief Executive Officer.
Through this acquisition Al Meera Holding will increase by 50% its sales area, jumping from 28,000 square meters of retail space to 45,500 square meters.
Both Al Meera and Al Muhaidib have agreed to the terms and conditions of the acquisition and a final announcement will be made after meeting legal and regulatory requirements.
This deal is part of Al Meera's aggressive expansion strategy to remain dominate in the Qatari market for more competitive pricing and to ensure access to all residents of the country to Al Meera retail stores. The chain is expected to add another 200,000 square meters of retail space in the next few years, and with the purchase of Giant Stores, Al Meera moves closer to its goal. Furthermore, with focus put on customer service, visitors to the retail stores will enjoy a pleasant experience while shopping for their household goods.
"The Board of Directors believed that the Giant Stores acquisition was in-line with our strategy," added Dr. Al Qahtani. "It is also compatible with our vision to become the 'favourite neighbourhood retailer,' meaning Al Meera will continue with its unparalleled customer service and product offerings."
