Majid Al Futtaim – shopping mall, communities, retail and leisure operator across the Middle East, Africa and Asia – will open its first Carrefour stores in Uzbekistan, marking the first entry of an international grocery retailer into the Central Asian country.
Seven stores are set to open over the next two years as part of the initial expansion phase, with three supermarkets and one hypermarket coming online in 2020. In 2021, two additional supermarkets and one hypermarket will follow. These stores will collectively contribute to 17,400 sqm of total retail area across Tashkent.
“A supportive government, growing economy and high demand for a customer centric offering like ours makes Uzbekistan a compelling fit for our expansion into Central Asia. As the first international grocery retailer to enter the market, we look forward to working with AKFA Group and combining their knowledge of the local landscape with our expertise in the modern retail sector. This partnership enables us to create meaningful employment opportunities and fulfil our brand promise of creating great moments for everyone everyday,” said Hani Weiss, CEO of Majid Al Futtaim – Retail.
The announcement came as Majid Al Futtaim signed an agreement with AKFA Group, one of the largest private companies in Uzbekistan with a diverse portfolio that includes construction, hospitality, telecommunications, financial services, healthcare and food production. The AKFA Group also owns retail and real estate assets, which will host all seven Carrefour stores.
“As our President’s main objective is to open Uzbekistan to the whole world and attract new investments, we have been in discussions with Majid Al Futtaim since February 2017 to open hypermarkets and supermarkets under the Carrefour brand in Tashkent. We look forward to a successful partnership and believe that a new era will start in the retail market due to Carrefour’s presence in Uzbekistan. It will have a positive impact on the retail industry’s development by implementing international standards and improving the quality of products offered while creating employment opportunities,” added Abduvakhitov A. Alisher, CEO of retail division (Atlas) of Akfa Group of Companies.
The entry of Majid Al Futtaim into Uzbekistan will further stimulate the country’s economy, as it seeks to work with more than 600 local suppliers, manufacturers, producers and farmers across the country. Furthermore, Carrefour’s operations will create almost 2,500 jobs directly and indirectly within the first two years. Carrefour will also introduce unbeatable value across a range of up to 40,000 products, offer exceptional customer experience and best practices for hygiene processes.