Saks Fifth Avenue expands business in the Gulf
Retailer Saks Incorporated has entered into a licensing agreement to open four stores in the United Arab Emirates (UAE), Qatar, Kuwait, and Bahrain beginning in 2004.
A group of businesses in the Middle East, Al-Mana Group, Chalhoub Group, Damas Jewellery, and Kapico Group, have formed Style Avenue Middle East to own and operate the stores under the license agreement with Saks Fifth Avenue.
The first Saks Fifth Avenue store to open under the agreement will total 80,000 square feet and will be located in the Bur Juman Center in the port city of Dubai in the UAE. The store will open in February 2004 and will be congruent with the Saks Fifth Avenue stores in the United States in both product and service, while being sensitive to local preferences and customs.
A smaller Saks Fifth Avenue "satellite" store is scheduled to open in the Landmark Shopping Center in Doha, Qatar in fall 2004.
Saks Incorporated established its presence in Riyadh, Saudi Arabia in 2001. The company operates 62 Saks Fifth Avenue stores and 53 Saks Off 5th stores. — (menareport.com)
© 2003 Mena Report (www.menareport.com)