Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Savola to Double Panda Chain on Rivalry - ASHARQ AL-AWSAT English Archive
Select Page

RIYADH (Reuters) – Saudi Arabia’s Savola Group said it plans to more that double its network of Azizia Panda supermarkets to 130 by 2010 as it faces rising competition from rivals including France’s Carrefour.

The company, which operates the kingdom’s largest supermarket chain, will add stores in cities such as Tabuk in the west and Jubail on east where it does it does not have outlets now, Muhammad Amin Kashgari, Savola’s president of retail and real estate, told Reuters on Monday.

Savola owns about 60 Panda stores and malls, and plans to open five more this year, Kashgari said.

Rivalry in the industry is growing as supermarket group Carrefour and Geant Casino expand in the Arab world’s largest economy.

“We want to increase the volume of our sales to help improve the net margin,” Kashgari said.

Savola is considering selling shares in Azizia to the public in an initial public offering after 2010, Kashgari said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube