In line with its expansion strategy Fawaz Abdulaziz Alhokair & Company plans to open 207 stores in the next 2 years. 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: “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.”
“Alhokair enjoys lion’s share of 48.3% in the fashion retail industry in KSA according to recent Euromonitor study. With the launch of additional 207 stores in the next 2 years we not only intend to consolidate our position as the number one retailer but enhance our market share,” he added.
