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Metro wants to open new Egypt, Kazakhstan stores

Metro wants to open new Egypt, Kazakhstan stores

German retailer Metro AG opened its first wholesale Cash & Carry store in Kazakhstan and laid the groundstone for its first store in Egypt Tuesday, saying the company could eventually open more stores in each country.
Metro, Germany's largest retailer based in Duesseldorf, said it sees potential for up to 15 more stores in Kazakhstan with an average investment of ⁈lion ($23 million) to ⁈lion in each store.
It said it planned to open the first Cash & Carry store in Egypt around the middle of 2010 and that it sees potential for about 10 stores in Egypt initially, and 20 in the longterm.
Cash & Carry, which sells to retailers, hotels and restaurants, will operate the Egypt stores under the name Makro.
"With the dynamic growth of the middle class and the impressive development of the hotel, restaurant and service sector, Kazakhstan as well as Egypt offer enormous potential for our self-service wholesale business," Frans Muller, the chief executive of Cash & Carry said in a statement.
"We are confident that our model not only has a sustainable growth perspective in both markets, but that we will also contribute significantly to the positive economic development of both countries."
Shares of Metro were down about half a percent at ⁈in Frankfurt afternoon trading.
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On the Net:
http://www.metrogroup.de


Updated : 2021-06-21 03:48 GMT+08:00