July 18, 2024

Spinneys Expands Its Global Footprint In KSA With Riyadh Store Opening

Facebook
Twitter
LinkedIn
Spinneys Expands Its Global Footprint In KSA With Riyadh Store Opening at La Strada Yard, An Nuzha, Riyadh, will be followed by three more stores in Riyadh and Jeddah in 2024, with 12 stores expected to be opened in the Kingdom by 2028
Spinneys Expands Its Global Footprint In KSA With Riyadh Store Opening. Image Courtesy- Spinneys

Spinneys, the leading premium fresh food retailer, has announced the opening of its first store in Saudi Arabia, located in the vibrant new mixed-use development La Strada Yard in the popular and affluent An Nuzha district of Riyadh.

According to Industry sources, La Strada Yard is an emerging hub for residential and commercial activities, making it an ideal location for Spinneys’ first-ever opening in the Kingdom. The latest 43,520 sq.ft. store offers a comprehensive range of premium products, comprising imported goods, locally sourced items, and branded and private label products. 

Spinneys Expands Its Global Footprint In KSA With Riyadh Store Opening

Industry sources further added that Spinneys has a well-advanced store pipeline, with further openings planned in Riyadh and Jeddah, the Kingdom’s most affluent and populous cities. The firm is poised to open up to 12 new stores in Saudi Arabia by 2028. 

According to Industry sources, the La Strada store will feature an extensive selection of bakery, meats, and meal solutions that are all produced on-site, with in-house production capability critical to Spinneys’ commitment to the freshness and quality that it is known for in the UAE and Oman. By establishing local production capabilities in Saudi Arabia, Spinneys aims to drive economies of scale, a key component of its fresh food proposition and margin profile. The production facilities at La Strada will also serve other Spinneys stores scheduled to open in Riyadh this year.

Sunil Kumar, CEO of Spinneys

Sunil Kumar, CEO of Spinneys, stated: “We are delighted to be launching our unique premium offering in Saudi Arabia, a rapidly growing market with a diverse consumer base and a keen appetite for fresh, high-quality products. Our entry into Saudi Arabia, a historic moment for a homegrown UAE brand, is driven by strong demand and positive market fundamentals, bolstered by the transformative Saudi Vision 2030, which has created an ideal environment for retail sector growth. Our track record in the GCC, coupled with best-in-class insights and partnerships in the Kingdom, give us a robust platform and we look forward to becoming a trusted name in the market.”

The “whitespace” opportunity in Saudi Arabia offers a unique opportunity for Spinneys’ international expansion, with whitespace in the Kingdom projected to increase to 86 million sq.ft. by 2033, equivalent to nearly 1,200 Spinneys stores. Growth in whitespace in the Saudi market is supported by structural tailwinds including a projected 6.4% CAGR in the Kingdom’s affluent population between 2022 and 2028.

Spinneys’ entry into Saudi Arabia comes at a time when the Kingdom continues to pursue growth and diversification, supported by ambitious government initiatives including Vision 2030 and upcoming global events such as Riyadh Expo 2030 and the FIFA World Cup 2034. The government aims to increase the expatriate population to 50% by 2030, boost household incomes and drive consumer spending. These changes create an ideal environment for the expansion of the retail sector, and Spinneys is well-positioned to capitalize by bringing its unique high-quality, and fresh offering to the Saudi market.

Source

Share.

RELATED POSTS

OIC Secretary-General, Mr Hissein Brahim Taha
OIC General Secretariat welcomes Saudi Arabia-Iran's diplomatic relations
Saudi Tadawul Group signs MoU with Shanghai Stock Exchange
Saudi Tadawul partners with Shanghai Stock Exchange
KEYSS Project, Microsoft Arabia partner to promote entrepreneurship and innovation in Saudi Arabia
KEYSS Project partners with Microsoft Arabia
  • logo banner warba
  • Mutual Trust Bank Plc
  • Ahli United Bank

LATEST POSTS

The business landscape is going through continuous change, which means that there are constantly new challenges arising in HR. This blog entails on few of the major challenges arising in 2024
Representational Image
ACCA announces the addition of new Emirati members to its Members’ Advisory Committee with a government-led goal of achieving a 10% increase in Emiratisation of the skilled workforce by 2026
CyberKnight announces VAD partnership with Forescout for META. CyberKnight to offer complete asset intelligence and control across IT, OT, and IoT to Forescout.