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LONDON: The new owner of Geant stores across the UAE, Bahrain and Kuwait has pledged to retain existing employees following one of the region’s biggest retail takeovers.
Majid Al Futtaim, the retail group that brought an indoor ski slope to Dubai, on Thursday sealed the acquisition of Retail Arabia, the franchise owner of 26 Geant stores across the region as well as four Gulfmart supermarkets in Bahrain.
“We are open to further prospects, through both organic growth and opportunistic acquisitions, and will pursue these in line with our disciplined strategic and financial approach,” said Alain Bejjani, the CEO of the retail group.
“Our ambition is to expand our physical as well as our digital presence, and reinforce our omni-channel offering.”
All of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour.
The deal, first announced in June, cements Majid Al Futtaim’s hold on the regional grocery market by removing its largest competitor as it continues to open new malls undeterred by the wider pressures on retailers as more shoppers turn to the web.
Majid Al Futtaim agreed the acquisition with Retail Arabia’s parent company, BMA International.
All of the acquired stores, which include hypermarkets, supermarkets and convenience stores, will be rebranded under Carrefour.
“This will see Carrefour extend its leading position in the UAE by increasing its store count from 67 to 80, while in Bahrain and Kuwait, it will further establish the brand as one of the largest grocery retail operators by increasing its stores to 11 and 8 respectively,” Majid Al Futtaim said in a statement.
Majid Al Futtaim was advised by Perella Weinberg Partners on the transaction.
Rents in the retail space in Dubai, where most of Majid Al Futtaim’s big malls are located, started to show single digit declines during the second quarter, according to data from JLL, the real estate consultancy.
It said that retail landlords were offering more flexible leasing arrangements in an effort to retain tenants.