Riyadh - Sharikat Mubasher: Spinneys, the leading supermarket chain, plans to open its first store in Riyadh during the first half of 2024 and open three more by the end of the year, as part of its strategy to expand into Saudi Arabia, a recent statement unveiled.

The grocery retail supermarket operator also intends to proceed with an initial public offering (IPO) as shareholder Al Seer Group plans to sell 900 million shares, equal to a 25% stake.

Sunil Kumar, CEO of Spinneys, affirmed that the Saudi retail market enjoys immense potential for the company to grow its business.

“We have a proven track record for growth, driven by the expansion of our store network, increasing online penetration, a growing private label offering, and a vertically integrated supply chain, resulting in robust financial performance with a track record of like-for-like growth and strong margins,” Kumar said.

Spinneys operates 75 premium grocery retail supermarkets under the Spinneys, Waitrose, and Al Fair brands in Oman and the UAE, where it plans to open new stores this year.