Dubai: Korath Holding, one of the oldest business groups in the UAE with over four decades of experience in the retail sector, yesterday said it will invest Dh1 billion over the next three years in expanding its retail network.
It has also unveiled its new venture KM Retail that will focus on building a retail concept under the brand name KM.
Designed to meet international standards in retail shopping experience, KM Retail will open convenience stores, supermarkets, department stores and hypermarkets.
These will be further sub-branded for easy identification as KM Daily, KM Value, KM Experience and KM respectively. Subsequently, the new entity also has plans to open speciality retail outlets and stores.
Greater heights
Riyaz Korath, CEO, Korath Holding, said: "With over four decades of being successful though our two brands KM Trading and Al Safa, we will leverage our learning and competence to confidently take the new retail brand KM to greater heights."
"Each of the retail formats under KM has been carefully developed, and, with perfect execution will further strengthen our group's competitive position as a leading retail group in the region," he stressed.
Being the new global retail face of Korath Holding, KM will soon open over 30 retail stores of different formats and is looking at occupying one million square feet retail space during 2010. The first set of KM stores in the UAE is set to be launched later this month.
Initial plans include multiple outlets in the UAE, closely followed by presence in GCC and India, making KM a multi-national brand.
The KM retail formats will be geographically well represented across the UAE. More importantly, each format will offer a distinct mix of products and brands that are exclusive to KM customers based on thorough market research and understanding. The group has also added experienced retail professionals from internationally successful retail chains to ensure quality is delivered and maintained to that of highest standards.
