UAE retailer Jumbo Electronics plans to open six outlets in India as part of its expansion strategy to target Asia's fastest growing economy.
"We have just started an electronic retail venture in India and have signed for five more property in Delhi. In the next three years, we are going to cover all major cities in India," Arvind Nair, CEO of Jumbo Electronics, said.
Jumbo was founded by late M R Chhabria in Dubai in 1974 and during the 1980s expanded its Indian operations through a dramatic series of takeovers. The first of the six stores under construction in Delhi will open in June.
"The biggest market in the region is India and it has a huge growth potential. We are from India, so we know the market," Nair said.
"We are also looking at possibilities of opening outlets in other Gulf countries. Right now we are studying the market. In two years, we will be opening outlets in the Gulf. In terms of potential, Saudi Arabia is the biggest market," he said.
"The most visible face of Jumbo is retailing. We have the largest number of stores here. We have about 28 stores in the UAE. We grew over 40 per cent in 2006 compared to about 15 per cent in 2005.
Considering the normal retail growth of 10-15 per cent in the region, we had record growth," the Gulf News quoted him as saying on Monday.