Dubai: Regional footwear giant Shoe Mart is aiming to open 50 stores across Spain in the next five years, claiming the country is "ripe for a Shoe Mart invasion".

The Dubai-based multi-brand footwear retailer opened two stores in Madrid last month and will add two more by September in an initial investment worth five million euros (Dh23.5 million).

Spain's growing mall culture and its absence of multinationals in the shoe sector have led company heads to forecast big returns on its European venture. Total sales are expected to hit 50 million euros (Dh235 million) by 2010.

Boasting of 56 outlets in the GCC and regional sales of 5.5 million pairs, Shoe Mart is spearheading the European expansion of parent company Landmark Group, which runs brands including Babyshop, Splash and Home Centre.

But despite masterminding Shoe Mart's huge growth since it began as a single store 16 years ago, company director Manu Jeswani is not taking a move into European's mature markets lightly.

"Success in the Middle East does not guarantee success everywhere," he said. "We have been researching this project for the last two years and found very few multi-brand footwear retail chains in the Spanish market. Having become a category killer at our home markets, we found the Spanish market ripe for a Shoe Mart invasion."

Jeswani admitted establishing the brand name and meeting Europe's high expectations of retail standards will be a major challenge.

He said that the company will continue to sell a diverse range of mid-priced footwear in its Spanish stores, but will reduce the vast children's range it offers in the Middle East and target Europe's older population.

Shoe Mart will operate as a stand alone under its own name in a joint venture with Calzados Pablo, the company that owns the Pablosky brand.

Joseph Lobo, a retail analyst at ACNielsen, said the Spanish move has "a very high chance of success".

"The easiest entry point for the Landmark Group into the Spanish market was in shoes. There is definitely a gap in the medium end of the footwear market," he said.

"Inflation in Spain has made second and third year brands a popular choice and Shoe Mart will have a lower price point because it sources from places like China."

Jeswani denied the company is moving overseas over expectations of a slowing domestic market, claiming 75 Shoe Mart stores will be running in the GCC by 2008, when annual footwear sales will have reached eight million pairs. He also highlighted expected moves into Egypt, Lebanon and Syria, with further plans to enter Iraq and Iran as the markets open up.

Other European countries being examined for potential by Shoe Mart include Portugal, Cyprus, Greece nations expected to open up in terms of overseas retail investment.