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Landmark says DSF sales not 'exceptional'
UAE-based retailer Landmark has said group witnessed a slight increase in sales during this year's Dubai Shopping Festival (DSF), but nothing "exceptional," The National has reported. The start of festival, which finishes today, was moved forward from January 20 last year to January 5 this year, beginning just after the New Year, festive and Eid periods. "Bringing it forward did not really help," said Vipen Sethi, the chief executive of Landmark Group, which represents local brands such as Centrepoint, Home Centre, Shoe Mart, Emax and Candelite, as well as Oasis Mall. "Saying that, there are a lot of people experiencing the festival because they were here on holiday, but it did not convert to numbers."
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Chamber of Commerce values Saudi garment market at SR8bn
Mazen Batterjee, deputy chairman of Saudi Arabia’s Jeddah Chamber of Commerce and Industries (JCCI) has said the kingdom’s garment market is valued at SR8bn, Saudi Gazette has reported. The country imports more than 85,000 tonnes of garment items each year, 90% of which come from European and Asian countries like France, Italy, China and Taiwan, while Arab countries like Egypt and Syria contribute only 10% of the same, he said.
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Oman Dolphin Plaza complex to open Thursday
Oman-based Yahya Group Holding, the developer of Dolphin Village, is to open its Dolphin Plaza shopping complex today at its Bausher compound, Muscat Daily has reported. The 588 sqm plaza includes Snowhite dry-cleaners, Al Bustan Bakery, a Gelo Fredo ice cream parlour, Delfino Pizza, Best Burger and an O Mart convenience store.
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Middle East retail rebounds amid uncertain outlook
According to a recent report by Deloitte, the world’s 250 largest retailers have recorded sales growth in excess of 5% between June 2010 and June 2011, Times of Oman has reported. The strongest growth in fiscal year 2010 was generated by Middle Eastern, African and Latin American retailers, with Middle Eastern and African retailers generating the highest compound annual growth rate of all regions over the 2005-2010 period, said Deloitte.
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Majid Al Futtaim sells bonds to raise $400m, 5.85% yield
Dubai-based operator of Carrefour stores in the Middle East, Majid Al Futtaim Holding has raised $400m from the sale of Islamic bonds, Bloomberg has reported, citing two bankers familiar with the matter. The group, which owns stores in Iran, Egypt, Syria and Lebanon, raised $1bn from a group of banks in July to refinance debt and to boost liquidity.
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