Retail Spinneys opens first Saudi supermarket in Riyadh By Gavin Gibbon June 24, 2024, 10:41 AM Spinneys Spinneys plans to open another 12 stores in Saudi Arabia by 2028 Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi Arabia is a 43,520-sq-ft store in the An Nuzha district of Riyadh. Another three stores in the capital and Jeddah are expected to open before the end of this year. Frank Kane: Spinneys IPO – like selling one-dirham steaks Hope for more private UAE listings follows Spinneys IPO Spinneys bets big on sales growth for own-label goods Management consultancy Kearney has predicted that Saudi Arabia’s “whitespace opportunity” – the potential growth where shopper needs are not currently being met – will increase to 86 million sq ft by 2033, equivalent to nearly 1,200 Spinneys stores. This will be fuelled by a projected 6.4 percent increase in the kingdom’s affluent population between 2022 and 2028, according to Kearney. Spinneys reported a 13 percent year-on-year rise in profits for the first quarter of the year, to AED75 million. Revenue grew over the period by 11 percent to AED815 million, the company said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
