Metro Group has announced it will open its first wholesale store in Egypt, Cairo tomorrow (30 June).
The Makro Cash & Carry wholesale outlet is located in El Salam City and offers 7,000 sq m selling space, with 20,000 SKUs. The outlet has already recruited around 250 local employees.
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Metro Group said some 90% of goods on offer will be sourced locally. It plans to invest in its supply chain and logistics infrastructure, including implementing the highest quality standards and regional farmer training programmes.
The company said it sees the potential for up to ten stores in major cities and economic centres in Egypt over the medium term and for around 20 locations across the company. It already has plans to open two further outlets in 2010, worth EUR15m (US$18.29m) each.
The retailer added the move indicates the company’s interest in further exploring the “promising” Middle East and North Africa growth region.
“The market entry into Egypt carries strategic significance and we see a great potential for our self-service wholesale operations in this country,” said Metro Cash & Carry CEO Joël Saveuse. “We are proud to introduce our internationally successful business concept to this fascinating market and we are equally confident that the unique B2B approach will effectively benefit the professional customers, local community and economy in Egypt.”
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By GlobalDataThe company plans to open 95 new stores around the globe in 2010, up from the 80 stores it opened in 2009 at an investment of EUR1.9bn.
