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FINANCIAL NEWS
Saudi- Jarir to increase stores by 70% in 5 years
20 Nov 2012
(MENAFN) Jarir Marketing’s Co chairman, Muhammad al-Agil, announced that by 2017, the Saudi bookstore chain will increase its stores by at least 70 percent to exceed 55 stores, reported Arabian Business.
Al-Agil said that on annual basis, the largest listed retailer in the country would spend around 20 percent of retained earnings, that’s between USD32 million- USD40 million, on its expansion plan.
Nearly 80 percent of Jarir’s new stores are expected to be opened in the Kingdom, where the company already owns most of real estate required for the expansion.
The company, which sells books and office supplies, and has become a major electronics retailer, forecasts population growth in Saudi and other GCC countries to boost its sales.
It is worth noting that Jarir’s first store was established in 1979 in Riyadh, however, at the current time, the company has 32 stores in Saudi.
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