Al Fahim Holdings Remains Bullish on UAE
Economy; Updates its Store Portfolio
Group plans 16 new stores, including 5 Paris Gallery outlets,
across the UAE and Bahrain
Al Fahim Holdings today released a list of revisions to its portfolio of stores in UAE and Bahrain. The list announces the opening of 16 new stores totaling 305,273 square feet, one major renovation and the closure of 7 underperforming stores totaling 39,167 square feet.
In a statement to shareholders, Group CEO Mohammed A.R. Al Fahim said: “Despite the global downturn, we remain committed and well-placed to further our long-term strategy of selectively opening new stores, refurbishing strategic ones and pruning underperforming stores.”
“To this end, we are constantly monitoring changes in consumer sentiments, shopping habits, the opening of new retail spaces and changing market conditions to maintain a profitable portfolio of stores.”
Commenting on the current global economic scenario and its impact on the UAE, he said: “We continue to be very confident in the economy of the UAE and the leadership behind it. As retailers, we understand that there is a business cycle that all countries experience. We also believe that the UAE has strong and appealing fundamentals that will continue to make it a world-class destination for retail development. We would not be making the largest investment in our four-decade existence in new stores if we felt otherwise.”
The CEO also announced that all staff from the stores to be closed would be moved into new and existing stores. He added that the internal transfers would not be sufficient for the new store openings and that additional hiring of employees, including Emiratis, would be necessary to fulfill the needs of these new stores.
