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FINANCIAL NEWS
Lulu to slash middlemen
03 Mar 2011
(MENAFN) V Nandakumar, a spokesman for Emke Group, the managing group of Lulu Hypermarkets, said that the supermarket chain plans on slashing operational costs by dropping fifty to seventy percent of its middlemen and getting its goods directly from producers by the end of 2011, reported The National.
Nandakumar said that if costs were slashed, the chain could decrease prices by up to fifteen percent.
The chain was among others that abided by an initiative of the UAE’s ministry of economy to cut prices in March. However, Nandakumar said that this adds pressure on retailers as food costs are still very high globally. He added that consumer protection is an additional reason for Lulu to go directly to exporters.
It is worth noting that Lulu Huypermarket is a chain of over 85 branches across the Arab region. The chain is based in the UAE.
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