LuLu Group International, one of the fastest growing retailers in the world, earmarked $100 million to put up its first supermarket in the country.
The group had just inaugurated its $1-million logistic facility in the country yesterday and LuLu Group chair Yusuff Ali M.A. was already thinking of expanding.
On the sidelines of the facility’s inauguration, the Indian businessman said that they were earmarking initially $100 million for the expansion plans, which would include the establishment of a supermarket in the country.
The group has at present 150 hypermarkets across the Gulf Cooperation Council and Egypt, according to a company statement.
He said he had informed President Duterte, in a meeting on Tuesday, that the group had employed thousands of Filipino workers in its overseas operations.
He didn’t disclose the timeline of the expansion plan, but noted they would first have a food processing facility, “then we will do retail.”
LuLu’s first foray in the Philippines, May Exports Philippines Inc., is located in an economic zone in Laguna. It was inaugurated yesterday.
Yusuff Ali challenged May Exports, which would receive perks for being an export-oriented venture, to hit $100 million in sales in two years.
May Exports is registered under the Philippine Economic Zone Authority (Peza).
The logistics firm will be in charge of the sourcing, storing, packing and exporting of Philippine commodities, including fruits and vegetables.