Nesto Group, a Dubai-based retail giant, has announced an ambitious plan to invest SR1 billion ($267 million) in the Saudi retail sector within the next three to four years, which will create more than 5,000 jobs for Saudi nationals.
Nesto Group made this announcement, while giving details about its new multi-million riyal hypermarket to be formally opened at Gardenia Mall in Azizia district of the capital city here tomorrow.
Addressing a press conference, Abdul Nazar K. I., Nesto's business development director, said: "The company will open three new hypermarkets within next three years."
Asharaf P.M, Nesto general manager; Abdulrahman Al-Attas, Nesto public relations manager; Muhammed Riyas, Brandzone, general manager; also briefed about Nesto's future plans after a visual presentation.
Asharaf said: "This will be the third Nesto hypermarket in Saudi Arabia. Located at Gardenia Mall, the hypermarket will cover 200,000 square feet of retail area."
He said Nesto is well known for the best quality products and for the lowest price besides being the top among the hypermarkets in terms of the number of products sold under one roof.
On the other hand, Gardenia Mall is the largest shopping mall in the region, which will eventually benefit the company and the customers, both in terms of customers' movement, and cataloging and decoration of the products on the shelves, Asharaf added.
It also features a big food court, ample car parking facility, various international brands outlets, prayer rooms and special facilities for women and children.
Asharaf pointed out that the hypermarket will have a big hot food and bakery section for ready-to-eat foods and a designated area for imported fruits and vegetables, besides a butchery section.
The store will have fashion wears, leather goods, electronics, household appliances, and a range of other products and services sourced from different countries on discounted prices for customers.
The company also announced its plans to open its second multi brand retail store Brandzone at Gardenia Mall on the same day.
The 20,000 square feet store will feature the two major brands including Babystore and Shoe Point, said Brandzone General Manager Muhammed Riyas.
He pointed out that the store with its range of baby garments, footwear and accessories would target mid-segment customers.
Nesto Group and Brandzone are part of the Western International Management LLC, which is based in Dubai.
The company has a turnover of 1.4 billion annually.
Geepas is the flagship brand of the group and other leading brands are Younglife, Royalford and Clarkford. Nesto was established in 2004 and has since grown to include department stores and supermarkets located around the member states of the Gulf Cooperation Council including Saudi Arabia.