By Rédaction Africa Links 24 with Egypt Independent
Published on 2024-01-19 05:10:21
The Kuwaiti retail company, Al Shaya Group, has made the decision to close some of its stores in Egypt as a result of the country’s challenging economic situation. This situation is marked by currency depreciation, exchange rate pressures, and high inflation.
Having been a presence in Egypt for over 20 years, the group currently operates more than 200 stores. The move to close some of these stores is a significant setback for both the group and the Egyptian economy.
Despite the closures, the Al Shaya Group has stated that it remains committed to the Egyptian market and will continue to operate its remaining stores in the country. However, it is anticipated that the closures will result in job losses and a decrease in consumer spending.
In addition to the store closures, the group has also announced the withdrawal of the Debenhams brand from Egypt, including the closure of physical stores and an end to e-commerce activity. Debenhams, a British department store chain with a presence in Egypt for over two decades, is also set to face major setbacks as a result of these closures.
Several other stores, including The Body Shop, Mothercare, and Bankbury, will also be closed in Egypt. Furthermore, the Al Shaya Group plans to reduce the number of stores it operates for brands such as H&M, Victoria’s Secret, American Eagle, and Bath & Body Works.
The Al Shaya Group, founded in 1890, is one of the oldest companies in Kuwait and is amongst the largest operators of renowned retail brands in the Middle East. The group operates over 4,000 stores throughout the region, from Dubai to Turkey and Russia, and has a digital presence that includes over 100 websites and apps. The company employs over 50,000 people, solidifying its status as a key player in the region’s retail industry.
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