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Nesto planning major expansion in Bahrain
Dated: 17/11/2010
Nesto planning major expansion in Bahrain
Manama: Wed, 17 Nov 2010
Nesto Group of Companies, a Dubai-based company with a BD60 million ($159 million) annual turnover in Bahrain, could move its main base to the kingdom soon, it has emerged.
The group, which launched its first supermarket in Bahrain in May this year, also plans to open several smaller stores across the country and increase its turnover to BD100 million, a company official said.
Nesto Group subsidiary Geepas Bahrain general manager Muhammed Haneef, speaking at a Press conference at the Delmon International Hotel, said the group had put on hold its plan to open a large hypermarket.
'We feel the time is not ripe now to do that. Rather, it would be appropriate to open smaller stores in several areas of Bahrain so as to easily serve people there,' he added.
He said Bahrain is already saturated with hypermarkets, whose low profit margins and extremely intense competition is affecting their bottom-line.
'We do not want to get into that situation.'
Haneef said the company had its roots in Bahrain because Geepas was founded in the country in the 1970s.
'Over the years that we were in Bahrain, we progressed considerably and set up branch offices all over the world.
'When Dubai started to boom in the 1980s, we moved out of Bahrain and expanded further,' he added.
He said, however, now was the right time to move back again.
'Bahrain is booming now and is the right place to do business. Even if we do not move our headquarters here, we will substantially increase our presence,' he added.
During the event, Geepas Bahrain administration manager T K Geemon also announced a new 100-day promotion as appreciation to its customers.
'The promotion, running until the end of February next year, will cover customers of Geepas, those at Nesto Bahrain supermarkets as well as those buying Clarkford watches,' he said.
'While those making purchases worth BD5 from Nesto will be entered into a raffle draw, all Geepas customers will also enter a separate draw,' he said.
Geemon said all those buying a watch would be given attractive gifts.
The raffle winners will be picked at separate events on March 1, 2 and 3, he said .-Trade Arabia News Service

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