Grand Hyper market to launch revolutionary retail chain 'Costo' in Kuwait
IIK Staff Reporter
Wednesday, March 6, 2019
Regency Group, one of the leading players in the Middle East retail sector, which runs the Grand Hypermarket in Kuwait is launching a yet another revolution in Retail market in Kuwait with its new retail brand - Costo.
The first Costo brand retail showroom will be opened in Khaitain at the basement floor of Naser Al Geean Complex (Block 8,Nasser Sanhath Al Usaimi Street), on Thursday, March 7th 2019 at 4:30 pm
Positioned as a cost-effective neighborhood daily shopping destination, Costo is a customer centric daily purchase store where customer feedback determine the future products in the store. Giving customers the delight to buy exactly what they want, be it any brand or product. The Khaitan store spread over 14,000 sq.ft., unlike normal supermarkets and hypermarkets will feature a limited set of products across categories that caters to the daily needs of a customer. Categories include fresh, food and non-food, butchery, fishery, household, fashion, footwear, electronics, mobile and laptops. Perishable goods, farm produces and meat are exclusively flown in from around the globe on a daily basis to offer uncompromised quality standards.
The group is planning to launch around 50 Costo outlets in Kuwait in the very near future.
On Launch of the new brand Mr. Ayyoob Kachery, Regional Director said “It gives us immense joy to announce the launch of our new revolutionary retail brand in Kuwait. The concept of Costo was arrived after a lot of in-dept research done by our internal research wing along with consultants from Europe and Turkey. The research studies indicated a space in daily or regular purchase market where there is a scope to provide products directly to customers with better price and quality. This triggered the very idea of Costo.”
Mr. Namith, Chief Executive Officer - UAE region said “Our vision at Costo is to be the daily shopping destination for customers. The planned format of each store will have majority area allotted for daily use products across each category.”
Mr. Mohammed Suneer, Chief Executive officer – Kuwait region said, “Final customers reap the maximum benefits on shopping from Costo as the group has its own sourcing centers in Europe, Turkey, China, Indonesia, Thailand and Sri Lanka, eliminating the middle men from the entire supply chain. This ensures that best quality products reach customers in minimum time at the lowest prices.”
The promoters state that the launch of Costo in Kuwait is yet another landmark in the history of retail operations of the group. They conveyed their sincere gratitude and best wishes to His Highness Sheikh Sabah Al Ahmed Al Sabah, generous Kuwaiti public and business friendly systems. His Highness Sheikh Sabah Al Ahmed Al Sabah’s wise leadership has steered Kuwait to self-sufficient and investor friendly destination, one of many reasons to pick Kuwait over other GCC countries.
In order to achieve their mission of reaching every customer, the promoters, Regency Group, aim to spread their retail stores in all the major areas of Kuwait and serve the Kuwait population with the right mix of products at the most competitive prices possible. Costo, Khaitan is strategically located and is easily accessible from all the major roads like Fifth and Sixth ring roads.
Explaining the group’s strategy in retailing, Mr. Thehaseer Ali, General Manager, Kuwait, said, Our newest venture in Kuwait is in line with our policy to go closer to our customers and offer an unmatched experience with regard to quality of products, standard of service and pricing. In fact, we are planning to open more outlets of both Costo and Grand brands in this country as well as other GCC nations and other markets."
Having experience in Kuwaiti market for more than eight years, the promoters were convinced that the growing population, the constant growth of the economy, the increase in the GDP, and the support from the Government of Kuwait to the business community here bode well for them to choose this market and spread their business footprint.
Mr. Rahil Bassim, Chief Operating Officer said “Over years, Kuwait has grown into a mature retail market with customers exposed to high standards of organized retail, hence without doubt Kuwait was the right place in GCC for us to launch COSTO”.
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