Lulu, the retail giant based in Abu Dhabi, has announced plans to open 100 stores over the next five years across GCC countries, creating thousands of jobs, according to Yusuffali MA, founder and chairman of Lulu Retail.
“The GCC has a strong economy, and we are a retailer for the entire region. The growing population needs more retail outlets,” Yusuffali said during a press conference where they announced the overwhelming oversubscription of their initial public offering (IPO). The IPO, increased from 25% to 30%, was oversubscribed by 25 times and will list shares on the Abu Dhabi Securities Exchange on November 14.
While speaking in Abu Dhabi, CEO Saifee Rupawala mentioned that 91 stores are in the company’s plans, which could grow to 100 as discussions continue.
“Currently, we have 50,000 employees and 240 stores. With the addition of 91 more stores, we will definitely create new jobs,” Rupawala said, noting it’s hard to estimate how many new hires will be needed because the sizes of the new stores vary.
Lulu Retail operates hypermarkets and supermarkets in various countries as well.
Based on the staffing levels for its existing 240 stores, it’s reasonable to expect that the new 100 outlets will generate thousands of jobs in the region.
The retailer also highlighted that the UAE and Saudi Arabia will remain its main markets for growth due to the increasing number of expatriates in these countries.
Lulu is currently testing autonomous store technology and plans to implement this in smaller stores once the trial results are evaluated.
The retailer serves more than 600,000 customers daily across its 240 locations, sourcing products from 85 countries in Asia, Europe, Africa, Australia, and beyond.
“We greatly appreciate the trust and confidence that UAE and GCC leaders have in the Lulu brand. To meet the demand from international and regional investors, we decided to increase the IPO from 25% to 30% of our total shares. The high demand meant we needed to expand opportunities for more investors to join in,” Yusuffali explained.
“Our IPO was oversubscribed within an hour of its launch, and it quickly became one of the largest IPOs in the world for the year,” Yusuffali added.
