Dubai: Marka, a UAE-based retail and hospitality company, said on Monday it has completed its acquisition of Retailcorp UAE, a subsidiary of Istithmar, which is part of Dubai World. The company had agreed to buy Retailcorp last December for Dh220 million.
“This deal is in line with our strategy to establish a diverse portfolio of assets and successful businesses. It bolsters and diversifies Marka’s revenue sources, our bottom line, and the value we bring to our shareholders,” said Jamal Al Hai, chairman of Marka, in a statement. The company further said that Marka’s acquisition has been funded by the company’s own collateral and banks, according to the statement.
Marka plans to invest and grow Retailcorp’s existing business, with the aim of achieving double-digit growth over the next 12-18 months. It plans to do this by focusing on key areas including customer service, staff training, new product range additions, visual merchandising, promotional activities, digital and social media marketing and IT infrastructure expansion.
Marka is currently in talks with a number of organisations to open new stores and grow Retailcorp’s existing retail footprint.
The retailer now has ownership of a network of 15 sporting goods outlets in locations including Mall of the Emirates, Mirdif City Centre, Ibn Battuta Mall, Abu Dhabi Mall and Al Ain Mall.
Marka also aims to expand its network of ‘Modell’s Sporting Goods’ stores in the UAE and the wider region.
