Spinneys to invest EGP 450 mn to support cross-country expansion:Supermarket chain Spinneys Egypt will deploy some EGP 450 mn to open a dozen new stores across the country by mid-2024, CEO Mohanad Adly(LinkedIn) confirmed to Enterprise. The company expects the expansion to increase sales by 30%, Adly added. The news was first picked up by Al Borsa.

Twelve new branches by mid-2024: Spinneys is spending around EGP 200 mn on six new branches, all of which should be complete by the end of June. The company opened a Mohandeseen branch in November 2022, is finalizing the construction of four more branches in Mansoura, Alexandria, Mohandeseen, and Obour, and is in talks for land for another store in Sheikh Zayed. The chain plans to spend EGP 250 mn on another seven branches next fiscal year, including one at the new administrative capital.

The investment will expand Spinneys branch network by more than 50%: The company currently operates 22 stores across Cairo, Giza, Alexandria, Minya, Menoufia, Gharbia, Matrouh, and Red Sea governorate.

An e-commerce push is also on the agenda: The grocery retailer plans to invest in the development of its online platform to raise its contribution to total sales from 15% to more than 20% within the next three years. The platform was launched at the onset of the pandemic to meet the burgeoning demand for online shopping and has since grown significantly, Adly said.

Acquisitions are on the company’s radar: Spinneys is mulling acquisitions as a way to support horizontal expansion and accelerate customer acquisition, Adly said. The company looked into two potential acquisitions last year but ruled them out after a study, he added.

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