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Dubai: Retailer Aswaaq plans to combat rising food costs and curb inflation by adopting a 'fairness model' in its community centres and supermarkets in the UAE, according to its chief operating officer, Eric Poiret.
"The supermarkets will consider direct imports and heavily promote its private label. aswaaq will also apply best international practices to reduce operating expenses and focus on the fairness of the retail selling prices. Aswaaq eyes direct imports to cut prices will also implement a price transparency policy to ensure customers are informed," he said.
Aswaaq has planned a stock market listing by the end of 2008. While the Dubai government will own 45 per cent stake in the company, the remaining shares will be owned by the public, Poiret said.
Aswaaq's first community centre will open its doors in Nad Al Hamar in October, in the Al Mizhar area in December and Sofouh in January 2009.
Poiret said Aswaaq eyes direct imports to cut prices planned 37 outlets across Dubai in the next five years.
Poiret added the retail chain was committed to providing Emiratis with a broad range of business opportunities including allowing them to become major importers and suppliers to the supermarkets, community centres and to lease space within the shopping centres.
"Aswaaq eyes direct imports to cut prices has leased 30 per cent of the retail area of Nad Al Hamar to small and medium enterprise members and 30 per cent to the community entrepreneurs. Aswaaq eyes direct imports to cut prices aims to reserve its store manager posts for Emiratis," said Poiret.
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