NRI-owned Lulu Group opens 1st hypermarket in Malaysia
As part of the plan to invest USD 300 million in the Southeast Asian country, NRI owned Lulu group, one of the largest retail chains in the Middle East, has opened its first hypermarket in Malaysia. Lulu intends to set up 10 hypermarkets in the next five years in the country.
Malaysian Prime Minister Najib Razak has inaugurated the 250000 sq ft hypermarket, which is spread in three levels, combining grocery and supermarkets products to fashion, household and latest electronics and gadgets.
"We are very pleased to welcome LULU brand to Malaysia as this will pave way for more international brands to come and invest in Malaysia. I am also hopeful that Lulu will surely open many more hypermarkets and malls not only in Kuala Lumpur but also in other parts of Malaysia," Razak said.
"With an initial investment of USD 300 million in the first phase, we plan to open 10 hypermarkets by end-2021 and a central logistics and warehousing facility in Malaysia. These projects are likely to generate more than 5,000 job opportunities for Malaysians," Chairman of Lulu Group Yusuff Ali MA, an Indian businessman from Kerala, said.
"We also plan to set up contract farming to ensure continuous supply of high quality products and to support the Malaysian agriculture sector," Ali said.
Apart from the pre-planned 10 hypermarkets, Ali has also announced the group's plan to invest another USD 500 for a shopping mall in Malaysia.
