{"id":613649,"date":"2024-01-18T00:00:00","date_gmt":"2024-01-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/18\/alshaya-group-to-downsize-business-in-egypt\/"},"modified":"2024-01-18T00:00:00","modified_gmt":"2024-01-18T00:00:00","slug":"alshaya-group-to-downsize-business-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/18\/alshaya-group-to-downsize-business-in-egypt\/","title":{"rendered":"Alshaya Group to downsize business in Egypt?"},"content":{"rendered":"

Prepare to bid farewell to a number of landmark retail shops? <\/strong>Kuwaiti retailconglomerate Alshaya Group<\/a>, one of the region\u2019s largest retail franchise operators, will be curtailing its business activity in Egypt on the back of FX pressure and difficult economic conditions, according to an internal note to employees seen by Asharq Business<\/a>. <\/p>\n

The details: <\/strong>Some of the company\u2019s franchises will be gradually exiting the local market and eventually completely shut their doors, while others will decrease operations. British department store Debenhams<\/strong> will be the first to leave Egypt, according to an unnamed retail official cited by the news outlet. All of the store\u2019s physical branches as well as its e-commerce website will no longer be operational by the end of February. <\/p>\n

The Body Shop, Mothercare, and Pinkberry<\/strong> are all set to follow suit. A note obtained by Enterprise lists Mothercare, Debenhams, Pinkberry, and Claire\u2019s as being impacted. Other brands including H&M, Victoria's Secret, American Eagle, and Bath & Body Works<\/strong> will remain present in the market, but at a smaller scale, the source added. <\/p>\n

By the numbers: <\/strong>The group will shut some 60 of its shops across the country and lay off 375 employees in the process, says Al Arabiya\u2019s economics editor, Obada Alladan (watch, runtime: 3:43<\/a>), while the note we have seen puts the figure at 450. Following its downsizing plans, the group will have around 100 shops operating in Egypt, 80% of which will be Starbucks branches, he said.<\/p>\n

Alshaya doesn\u2019t want to leave: <\/strong>\u201cThe group wants to stay present in the Egyptian market, thisis certain \u2026 The group wants to wait until economic conditions improve,\u201d Alladan said. <\/p>\n

The why? <\/strong>Alshaya cited the \u201ceconomic situation over the last three years,\u201d as well as aweakening EGP, exchange rate pressures, and soaring inflation for its decision to downsize. The company also faced \u201cdifficulty moving hard currency out of Egypt,\u201d Alladan said. <\/p>\n

It\u2019s not final? <\/strong>One of the country\u2019s shopping mall operators is in negotiations with the group inhopes of having it rethink its decision, an unnamed official told Asharq.<\/p>\n","protected":false},"excerpt":{"rendered":"

The group will shut some 60 of its shops across the country<\/p>\n","protected":false},"author":1,"featured_media":613650,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8312],"tags":[8311,72,2234,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-alshaya-group","tag-enterpriseam","tag-foreign-exchange","tag-retail","wpautop","entry"],"acf":{"mongo_id":"da1e86a5-9a4d-4ebe-876b-cb945b77b376","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1494.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Weakening EGP reportedly drives Alshaya Group to downsize operations in Egypt","related_issue":[613644],"teaser":"The group will shut some 60 of its shops across the country","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.d972f568-08f1-4d15-b671-b1475d13d9f2.mp3"},"yoast_head":"\nAlshaya Group to downsize business in Egypt? 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No details\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":613567,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/17\/this-evening-alshaya-is-shrinking-its-presence-in-egypt\/","url_meta":{"origin":613649,"position":1},"title":"THIS EVENING: Alshaya is shrinking its presence in Egypt","author":"enterpriseam admin","date":"17 January 2024","format":false,"excerpt":"Good afternoon, friends, and happy almost-Thursday. The weekend is peering at us over the horizon as the first full week in Om El Donia comes to an end. THE BIG STORY TODAY Alshaya Group is downsizing in Egypt: Retail conglomerate Alshaya Group is shutting down some of its stores in\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632141,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/04\/alshaya-group-looking-to-buy-hotels-in-egypt-governorates\/","url_meta":{"origin":613649,"position":2},"title":"Alshaya group looking to buy hotels in Egypt governorates","author":"enterpriseam admin","date":"4 February 2018","format":false,"excerpt":"Kuwait\u2019s Alshaya Group is looking to buy three and four-star hotels across Egypt, starting with Cairo, Giza, and Alexandria, Al Mal reports. The group is also making arrangements to meet with the Egyptian General Company for Tourism and Hotels (EGOTH) to discuss the possible signing of management and operation contracts\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":613700,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/18\/this-evening-its-a-slow-news-day-in-cairo-as-regional-events-dominate-our-newsfeed\/","url_meta":{"origin":613649,"position":3},"title":"THIS EVENING: It\u2019s a slow news day in Cairo as regional events dominate our newsfeed","author":"enterpriseam admin","date":"18 January 2024","format":false,"excerpt":"Good afternoon friends, and happy Thursday. It is a slow news day in Om El Donia as the first full business week begins to wind down.We have no local Big Story \u2014 but the regional events have begun to dominate our news cycle.THE BIG STORY ABROADTension between Pakistan and Iran\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1574.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625819,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/15\/maf-contracted-to-develop-retail-outlets-for-nucas-new-urban-centers\/","url_meta":{"origin":613649,"position":4},"title":"MAF contracted to develop retail outlets for NUCA\u2019s new urban centers","author":"enterpriseam admin","date":"15 August 2018","format":false,"excerpt":"Majid Al Futtaim (MAF) Group signed an agreement on Tuesday with the New Urban Communities Authority (NUCA), which would see it build and operate retail outlets across the new cities that NUCA is building, according to a press release from the Madbouly Cabinet. No further details were provided on the\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652108,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/28\/aig-to-suspend-retail-insurance-activities-in-egypt\/","url_meta":{"origin":613649,"position":5},"title":"AIG to suspend retail insurance activities in Egypt","author":"enterpriseam admin","date":"28 February 2017","format":false,"excerpt":"American International Group (AIG) decided on Sunday to suspend sales of its auto, personal property, and home insurance products in Egypt effective from the beginning of April and will \u201crestructure its operations\u201d in the coming period, Al Borsa reports. 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