CITY & CORPORATE
UK retailers move into Egyptian market
1 September 2010 | by The Retail Bulletin
A move into the Egyptian retail market could prove lucrative for UK retailers.Retail in the country fared well during the recession with its clothing and footwear market set to grow by more than 6.5% to be worth $14.4 billion by 2013 finds Verdict resea rch.
The independent retail analyst’s findings come as Marks & Spencer’s recent announcement that they plan to open two stores in Cairo over the next two years in conjunction with the Al Futtaim Group.
Kate Ormrod, retail analyst said: “Egypt is a wise choice by M&S as a place to launch new operations and will help to increase global sales. This move will help the retailer achieve its aim of international operations making up at least 15% of its total revenue by 2013 – an increase of 5%.”
Marks & Spencer’s is not alone in choosing Egypt as the country has become a magnet for retailers looking to expand due to consumers’ increasing incomes. In fact British retailers such as New Look and Debenhams have already launched in the region. Egypt also has the potential to act as a springboard for retailers hoping to expand into other African countries.
Ormrod adds “M&S’s entrance into the Egyptian market does look particularly promising considering they are doing this in partnership with Al Futtaim who have retail experience in the region. “
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