Alfa Market to invest EGP 60 mn into new and existing branches this year

Supermarket chain Alfa Market is planning to invest EGP 60 mn by the end of 2020 to add two new branches to its network and upgrade some of its seven existing locations, CEO Salah Farouk tells Al Mal. This is a slight reduction from the EGP 80 mn the company was said in January to be investing during the second half of the year.

The expansion will be self-financed, but Farouk says the company has also been approached by outside investors. The supermarket chain has seen a 46% y-o-y jump in sales during 1H2020 thanks to the pandemic and a turnaround strategy implemented earlier this year, Farouk says.