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UAE retailer forays into India
By siliconindia
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Monday, 02 April 2007, 17:30 IST
Dubai: UAE retailer Jumbo Electronics is planning to open six outlets in India as part of its expansion strategy to target Asia?s fastest growing economy.
"We have just started an electronic retail venture in India and have signed for five more properties in Delhi. In the next three years, we are going to cover all major cities in India," Arvind Nair, CEO of Jumbo Electronics, said.
Jumbo was founded by the late M. R. Chhabria in Dubai in 1974 and during the 1980s expanded its Indian operations through a dramatic series of takeovers.
A national daily reported that the first of the six stores under construction in Delhi would open in June. "The biggest market in the region is India and it has a huge growth potential. We are from India, so we know the market," Nair added.
"We are also looking at possibilities of opening outlets in other Gulf countries. Right now we are studying the market. In two years, we will be opening outlets in the Gulf. In terms of potential, Saudi Arabia is the biggest market," he said.
"The most visible face of Jumbo is retailing. There are about 28 stores in the UAE. We grew over 40 percent in 2006 compared to about 15 percent in 2005. Considering the normal retail growth of 10-15 percent in the region, we had record growth," Nair said.