Weiss, CEO of Majid Al Futtaim – Retail, talks Uzbekistan's food retail market prospects

Weiss, CEO of Majid Al Futtaim – Retail, talks Uzbekistan's food retail market prospects

BAKU, Azerbaijan, Aug. 14

By Ilkin Seyfaddini - Trend:

The latest data indicates that Uzbekistan’s economic progress has been impressive to date, and this development has been underpinned by a series of government reforms that have made this country an attractive option for international investment, Hani Weiss, Chief Executive Officer, Majid Al Futtaim – Retail, told Trend in an interview.

“Furthermore, Uzbekistan, and particularly Tashkent, has also received investment into infrastructure, especially in the real estate, telecoms and transport sectors, creating a more friendly business climate. Majid Al Futtaim acknowledges that a supportive government, growing economy and high demand for a customer-centric offering, has transformed Uzbekistan into a compelling fit for company’s expansion into Central Asia,” stated Weiss.

“As part of our country analysis, we discovered a secure and stable country, and one that is modernizing quickly,” he added.

According to him, furthermore, with 72 percent of the population under 40 years of age, the economy of Uzbekistan is expected to grow steadily as young people join the growing workforce.

“We applied a rigorous set of indices to measure and analyze the Uzbekistan market before progressing with our strategy. In our research, our team reviewed a broad spectrum of data from government legislation and judicial systems, to evaluations of economic growth, population and GDP. In the early stages of committing to Carrefour expansion, we also make additional considerations, including supply chain strength and reliability, import restrictions, and transportation infrastructure. Penetration and saturation of modern retail are also crucial considerations at this stage, to ensure we have a healthy volume of supply and to provide competitive prices going forward,” stated Weiss.

In his words, Majid Al Futtaim’s assessment of Uzbekistan reveals a credible opportunity for expansion and to add value to the local economy.

It is a rapidly developing country, and it is expected that modern retail’s representation of the total retail market in Uzbekistan will triple to approximately 15 percent in the next five years, noted Weiss.

He believes that Carrefour’s entry into the market will accelerate this rate by offering unbeatable value, range, quality, hygiene, and customer service to the local community in each location in which Carrefour will operate.

“Through our research, we discovered that with no hypermarket format currently in existence in the local market, Carrefour is well-positioned to deliver exceptional customer service to the people of Uzbekistan. Research by French SAD Marketing company further reveals the food retail market size of Tashkent was valued at $3.4 billion in 2018 and is expected to grow by 47 percent and reach $5 billion in 2023," said CEO of Majid Al Futtaim – Retail.

As a result of expected growth and a rising enthusiasm for modern retail, and based on the customer experience and demand, the company acknowledges there is a robust prospect and opportunity to expand Carrefour within Uzbekistan, he added.

According to him, Majid Al Futtaim is ready to invest into the local Uzbekistan economy.

“We are looking at further opportunities to grow in the future, not limiting this growth to Tashkent, the capital, as we see great potential in this country in the years ahead,” Weiss stated.


Follow author on Twitter: @seyfaddini

Subscribe to Trend in Google News! Subscribe
Hamilton wins wild Saudi GP to set up F1 title showdown
Hamilton wins wild Saudi GP to set up F1 title showdown
Islamic State fighters kill five in attack near northern Iraqi village
Islamic State fighters kill five in attack near northern Iraqi village
Erdogan-Al Thani meeting to boost Turkey-Qatar ties: Ambassador
Erdogan-Al Thani meeting to boost Turkey-Qatar ties: Ambassador
Loading Bars
Bangladesh, India: Celebrating 50 years of friendship
Georgia's coal production up
Uzbekistan shares data on sales of oil and gas products in 11M2021
Uzbekistan and Kazakhstan sign trade contracts and bilateral agreements
Azerbaijan shares forecast on volume of oil production from ACG field for 2022
Iran records increase in cargo transportation via Bushehr International Airport
bp presented laboratory to be named after Nobel Prize winner
Azerbaijan provides with insurance payments heirs of martyrs, soldiers wounded due to Armenian provocation on Nov. 16
Azerbaijan projects growth in gas production from Shah Deniz field in 2022
Iran sees decrease in number of new mines
Volume of loaded/unloaded cargo in Iran’s Anzali port climbs
EIA names factors triggering wider spread between sweet and sour crude oils
Azerbaijan to install seismic stations in liberated lands until 2025
VISA talks investments in dev’t of its own IT-technologies (Exclusive)
‘Tripartite contract’ could turn Iran into regional transit center - Iranian president
Iranian President talks about nuclear discussions
Financial market of Azerbaijan – review of week’s main events
Equinor to acquire 45% stake in Noriker Power Limited
Iran's SATBA reveals details of country's renewable energy generation
Iran's NIORDC to sign contract for producing dual-fuel taxis with local manufacturer
Private investors in Iran apply to boost renewable energy development countrywide
New economic construction must be ensured in Azerbaijan's Karabakh - president's special representative
Azerbaijan reveals insurance payments to heirs of servicemen who died in helicopter crash
Azerbaijan pays great attention to dev’t of innovations, technologies - executive power
Iran to unveil plan for development of rail fleet for its mines
TAP’s technical forward capacity by Dec.12
Only innovative technology-based enterprises to function in Azerbaijan's liberated lands - deputy minister
Physical gas flows, nominations at TAP’s interconnections
Azerbaijan creating innovative financial, banking services in Karabakh
Participants of Second Karabakh war, families of martyrs living, working in Azerbaijan’s liberated territories to be provided with benefits
Negotiations with several enterprises to attract investors to Aghdam industrial park nearing completion – deputy minister (PHOTO)
Iran eyes increase in activities in Chabahar port
Iran records increase in exports from Gilan Province
Turkey discloses cargo shipments via its ports from Bulgaria in 10M2021
Azerbaijan eyes several directions for innovative development of liberated areas - deputy minister
UK to require travelers from Azerbaijan to submit negative PCR test
Iran sets increase of monthly salary in budget bill for next year
Decision makers in Iran realize going forward without JCPOA is wrong - analyst
Iran negotiating with Russia to lift bell pepper export restrictions
Pace of LNG supply growth in Asia forecast to slow down
Mariana Vasileva expresses gratitude to President Ilham Aliyev, First Vice-President Mehriban Aliyeva
Iran set to reform its insurance sector
Iran relying on domestic car manufacturers to increase production by 2025
Global LNG sector poised to post healthy export growth this year
Georgia releases COVID-19 data for December 6
Iran planning to increase steel production for domestic needs and export
Iran to reform rules for startup companies to participate in stock market deals
Azerbaijani currency rates for December 6
Iran hopes to raise local car manufacturing
Iranian currency rates for December 6
CAMEX International launches cargo airline in Georgia
Overall index of the Tehran Stock Exchange drops on December 5
Turkey reveals cargo traffic via its ports from US for 10M2021
Azerbaijan shows footage from Kalbajar's liberated Kechiligaya village (VIDEO)
Uzbekistan shares domestic COVID-19 data for December 5
Turkey discloses number of docking ships at Bandirma port for 10M2021
Azerbaijan discloses turnover of investment companies for 11M2021
Uzbek Direct Investment Fund and South Korean company co-op to attract investments
Cargo movements in Iran’s Bushehr port up
Iran shares data on exports via customs of Semnan Province
Azerbaijan interested in Turkish "Hürkuş" trainer aircraft - Turkish Defense Industry
Cargo transportation via Iran's Kerman International Airport soars
IRICA reveals data on Iran’s saffron exports
Weekly review of Azerbaijani oil prices
Poor weather hampers search and rescue efforts at Indonesia volcano
S.Korean president's approval rating rises to 40.5 pct: poll
Iran's trade turnover with Azerbaijan booming - IRICA
Kazakhstan adds 632 new daily cases of COVID-19
Bob Dole, longtime U.S. senator, presidential candidate, dies at 98
Hamilton wins wild Saudi GP to set up F1 title showdown
Turkey confirms 19,357 daily COVID-19 cases
Islamic State fighters kill five in attack near northern Iraqi village
Omicron cases in UK rise by 50 pct in one day
Twelve Niger soldiers killed in clashes with militants
China donates Sinopharm COVID-19 vaccines to Somalia
Cases of Omicron variant rise to 11 in Israel
Fire rages on cargo ship carrying timber off Sweden
Germany plans to make vaccination compulsory for some jobs
Number of Turkish citizens seeking job in Georgia notably grows
German companies sign contracts with Azerbaijan in railway construction
Erdogan-Al Thani meeting to boost Turkey-Qatar ties: Ambassador
Myanmar court to give first rulings in Suu Kyi trial
Erdogan to chair Turkey-Qatar Supreme Strategic Committee in Doha
Iran stresses need for long-term cooperation with Kyrgyzstan
35.6% of Georgian adult population fully vaccinated
Indonesia Semeru volcanic eruption kills 14; dozens injured
Three skiers killed and two injured in Austria avalanche
Uzbekistan shares data on interest expenses of banking sector
Flights from Iran’s Abadan International Airport increasing
Germany's Free Democrats back coalition agreement
Arab Coalition destroys 14 vehicles, kills more than 115 Houthis
Iran’s Bahar Azadi gold coin price continues to rise
Kyrgyz Cabinet aims to increase share of electric vehicles in country
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,394 more COVID-19 cases, 1,791 recoveries
Kazakhstan increases petroleum oil exports to France
Volume of cargo loaded/unloaded in Iran’s Bandar Lengeh port decreases
Iran boosts aluminum ingots production
COVID-19: 11 areas of Kazakhstan in ‘green zone’
Cargo train services launch between Georgia, China
All news