The South African department store franchise Woolworths Holdings Limited is venturing into the Saudi Arabian retail market and will open its first textile branch in the Gulf Kingdom in April 2003. Woolworths is planning to open up to five similar stores in Saudi Arabia by year’s end.
The group has reportedly already finalized a franchise partnership agreement with a local retail group. The move is part of the group’s Gulf expansion strategy, which foresees as many as 40 stores opening up in the Gulf region over the next three to five years.
This is not the group’s first foray into the Persian Gulf. Woolworths has a seven branch currently operating the region, notably in the United Arab Emirates (UAE), according to South Africa’s Business Report.
The retail group operates internationally through two subsidiaries Woolworths (Proprietary) Limited and Country Road Limited. Woolworths owns 88 percent of Australia clothing and homeware business Country Road.
The chain operates more than 90 stores across South Africa. Stores are based in Africa, the Middle East, Australia, New Zealand, the United States and Singapore. The group employs 11,500 people.
The company is a retail chain of stores offering a range of textiles—comprising clothing, footwear, toiletries, cosmetics and homeware—and foods under its own brand name.— (menareport.com)
© 2003 Mena Report (www.menareport.com)
