SouqExtra! Upbeat about retail expansion despite market situation

The community superstore concept revealed it has plans of increasing its current retail space portfolio by 500,000 sq feet, stabilizing its planed investment of Dhs200m.

SouqExtra! believes current market conditions still offer a lot of opportunities for growth, despite gloomy scenarios being peddled around.

"Crisis or not, people will go for basic services and needs. And there is still a lot of expendable income around, from both nationals and expatriate residents."

said Saleh Lootah, Managing Director, SouqExtra!.

"We remain optimistic about our future growth prospects, so we will go ahead with our expansion strategies as planned."

The first SouqExtra! outlet at Ewan Residences is to be launched in quarter 1 2009, with new stores and locations to follow in Alain City in Q3 2009, Al Barsha, Al Quoz and Al Muhaisnah during Q1 2010.

Subsequently, the Fujairah and Ajman outlets will be opened in the first half of 2010.

"The community's and retailers' feedback towards our first outlet at Ewan Residences has been very positive. Although it is too early to tell at this point, we are confident that we will be able to sustain the momentum," Lootha added.

He also affirmed the overwhelming support of SouqExtra!'s investors, saying, "From the onset, our investors knew that they signed on for a retail concept that fulfils a gap in the market, and will therefore thrive. The expansion plan will push through and has the full backing of the management."

SouqExtra! is a pioneering branded lifestyle community supercenter model, representing an innovative retail concept, shaped by extensive research into outlet positioning.

It focuses on providing access to amenities and services that connect consumers' professional and family life to the larger community, giving life more meaning and Extra!

Several reputed investors have put in their investments in this pioneering concept including the Lootah Group, Emirates Post Group, National Bonds Corporation, Bonyan Holding, Abbasi Group and a group of high net worth individuals.