The Al Shaya Group, a Kuwaiti retail company, has decided to close some of its stores in Egypt due to the country’s economic situation, characterized by currency depreciation, exchange rate pressures, and high inflation.
The group has been operating in Egypt for over 20 years and has a portfolio of over 200 stores.
The decision to close some of its stores is a major setback for the group and for Egypt’s economy.
The Al Shaya Group said that it will continue to operate its remaining stores in Egypt and that it is committed to the Egyptian market. However, the closure of some of its stores is likely to lead to job losses and a decline in consumer spending.
The Al Shaya Group further announced that it will be withdrawing the Debenhams brand from Egypt, both in terms of closing physical stores and e-commerce activity, by the end of January up until March.
Debenhams is a British department store chain that has been operating in Egypt for over 20 years.
The closure of its stores is a major setback for the company and for the Egyptian economy.
Additionally, several other stores will be closed in Egypt, including The Body Shop, Mothercare, and Bankbury.
The group will also be reducing the number of stores it operates for brands such as H&M, Victoria’s Secret, American Eagle, and Bath & Body Works.
The Kuwaiti group was founded in 1890 and is one of the oldest companies in Kuwait.
It is also amongst the largest operators of famous retail brands in the Middle East. It operates over 4,000 stores in the region, from Dubai to Turkey and Russia, and has a digital footprint that includes over 100 websites and apps, while employing over 50,000 people.
