{"id":708997,"date":"2026-06-10T00:00:00","date_gmt":"2026-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=708997"},"modified":"2026-06-10T02:43:31","modified_gmt":"2026-06-10T02:43:31","slug":"gourmet-plans-three-new-stores-as-grocer-targets-egp-9-bn-in-sales-by-2030","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/10\/gourmet-plans-three-new-stores-as-grocer-targets-egp-9-bn-in-sales-by-2030\/","title":{"rendered":"Gourmet plans three new stores as grocer targets EGP 9 bn in sales by 2030"},"content":{"rendered":"

Gourmet<\/strong> wants to push annual sales past <\/strong>EGP 9 bn<\/strong> by 2030 by adding two to three locations per year<\/strong>, CFO Tarek El Mahdi tells EnterpriseAM. The immediate pipeline includes a 500 sqm branch in Sodic West\u2019s Ivory development and a 2.3k sqm flagship on 90th Street in 2H, followed by a New Giza branch in 1Q 2027.<\/p>\n

Why it matters:<\/strong> The EGP 9 bn target is a leap from the EGP 2.7 bn in standalone revenues the company generated in 2025, according to its financial statement (pdf)<\/a>. The new openings will add to Gourmet\u2019s existing footprint of 22 stores spanning Greater Cairo, Alexandria, El Gouna, and the North Coast. These ambitious growth targets follow the grocer\u2019s blockbuster EGX debut in February<\/a>, which saw its shares surge to the regulatory maximum of 40% on their first day of trading.<\/p>\n

Doubling down on physical retail: <\/strong>While e-commerce and delivery channels now account for roughly 35% of sales, the luxury food retailer continues to emphasize on its physical footprint. Management views brick-and-mortar storefronts as the ultimate vehicle for walk-ins and impulse-driven purchases, with El Mahdi affirming that retail expansion remains the company\u2019s primary growth engine. Store openings are not expected to place significant pressure on cashflows based on the company\u2019s liquidity and its contract structure and liabilities with the developers, El Mahdi notes.<\/p>\n

\n

A solid first quarter<\/p>\n

Gourmet reported a 47% y-o-y increase in net income to EGP 69.7 mn in 1Q 2026<\/strong>, according to its quarterly financials (pdf)<\/a>. The bottom line was supported by EGP 15.4 mn in other revenues, including EGP 10.8 mn in treasury bill yields. Excluding those T-bill yields, net income still increased roughly 25% y-o-y. Operating income rose 31% y-o-y to EGP 87.4 mn.<\/p>\n

The income growth came despite mounting operating expenses.<\/strong> Selling and marketing costs rose 32% y-o-y to EGP 105 mn, while G&A expenses increased 40%.<\/p>\n

Management expects stronger sales during the summer and 4Q holiday seasons to offset these fixed costs.<\/strong> The fourth quarter also benefits from a significant annual supplier rebate booked in December, El Mahdi says. To protect volume, the company has chosen not to fully pass recent cost increases on to customers, instead sharing part of the cost with clients such as delivery costs, he adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

The expansion plans come as the EGX-listed grocer reported a 47% y-o-y jump in its first-quarter net income<\/p>\n","protected":false},"author":1,"featured_media":708998,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7208],"tags":[409,72,8775,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-708997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-gourmet","tag-retail","wpautop","entry"],"acf":{"mongo_id":"496945ec-1723-4ec6-b958-9b0457b5321b","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/1\/195.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Filling the physical cart","related_issue":[708987],"teaser":"The expansion plans come as the EGX-listed grocer reported a 47% y-o-y jump in its first-quarter net income"},"yoast_head":"\nGourmet plans three new stores as grocer targets EGP 9 bn in sales by 2030 - 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Revenues for the quarter increased 50% y-o-y, reaching EGP 2.1 bn, while gross contracted sales surged 174% to EGP 2.2 bn from 393 units sold. Residential sales recorded EGP\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":549165,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/cib-plans-record-capital-increase\/","url_meta":{"origin":708997,"position":3},"title":"CIB plans record capital increase","author":"enterpriseam admin","date":"6 September 2022","format":false,"excerpt":"EGX-listed private sector giant CIB is planning a multi-bn EGP capital increase that would raise its capital by around a third. The bank submitted documents to the EGX yesterday and the bourse is studying the proposal, it said, according to an EGX bulletin yesterday.The plan: CIB would issue EGP 10\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":665826,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/25\/tabarak-holdings-real-estate-arm-to-invest-egp-180-bn-in-four-new-projects-by-2030\/","url_meta":{"origin":708997,"position":4},"title":"Tabarak Holding\u2019s real estate arm to invest EGP 180 bn in four new projects by 2030","author":"enterpriseam admin","date":"25 May 2025","format":false,"excerpt":"PLUS- Madinet Masr unveils Shark Tank Business Park","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1991.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577178,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/","url_meta":{"origin":708997,"position":5},"title":"Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"Palm Hills Developments reported record-high net income after tax and minority interest of EGP 911 mn in 9M 2022, up 43% y-o-y, the developer said in its earningsrelease(pdf). The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn,\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/708997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=708997"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/708997\/revisions"}],"predecessor-version":[{"id":709034,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/708997\/revisions\/709034"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/708987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/708998"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=708997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=708997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=708997"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=708997"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=708997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}