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LuLu opens Malaysia mall, hypermarket in Far East push
Najeeb Razak tours the first LuLu mall with a hypermarket in Kuala Lumpur along with Ahmed Zahid Hamidi, Yusuffali M.A. and other cabinet ministers, officials and dignitaries.
dubai - Retail major commits investment of $300 million to open 10 hypermarkets
The LuLu Group has further consolidated its retail presence in the Far East by opening the first LuLu shopping mall with a hypermarket in Malaysia.
The 250,000 sq ft hypermarket was inaugurated by the Malaysian Prime Minister, Najib Razak, in the presence of Ahmed Zahid Hamidi, deputy prime minister, minister of agriculture, ambassadors of the UAE and High Commission of India and other dignitaries.
The group had recently announced plans to invest $300 million as part of its expansion. It intends to set up 10 hypermarkets in the next five years in Malaysia.
Speaking at the inaugural ceremony, Razak said: "This will pave the way for more international brands to invest in Malaysia. I am hopeful that LuLu will open many more hypermarkets and malls, not only in Kuala Lumpur but also in other parts of Malaysia."
"With an initial investment of $300 million in the first phase, we plan to open 10 hypermarkets by the end of 2021 and a central logistics and warehousing facility in Malaysia. These projects are likely to generate more than 5,000 job opportunities for Malaysians," said Yusuffali M.A., chairman of the LuLu Group. "We also plan to set up contract farming to ensure continuous supply of high quality products and to support the Malaysian agriculture sector," he added.
He said other hypermarkets would open in Kota Baru (Kelantan), Shah Alam (Selangor), Johar Baru, Bangi, Ipoh (Perak), Malacca, Penang and Kuala Terengganu.
Apart from the 10 hypermarkets which are already planned, Yusuffali also announced the group's plan to invest another $500 million in setting up the largest shopping mall in Malaysia.
During his official visit to the UAE in 2014, Razak had visited the LuLu hypermarket in Abu Dhabi and expressed his desire to have LuLu's presence in Malaysia. He was impressed by the high standards of operations, quality of products and service and the variety of products available in LuLu.
business@khaleejtimes.com
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