Hyperpanda to shutter its doors in Dubai Festival City
Mar 28th 2017, 11:27 am
#1
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Hyperpanda to shutter its doors in Dubai Festival City
Hyperpanda to shutter its doors in Dubai Festival City | The National
Hyperpanda is set to close after trading for more than a decade at Dubai Festival City Mall.
A customer service representative confirmed a clearance sale was expected to start this week. About 400 people are understood to work at the vast hypermarket, the only Hyperpanda in the UAE.
Riyadh-listed Savola Group, the parent company of HyperPanda, and Al Futtaim, the owner of Dubai Festival City Mall, did not return requests for comment.
The 175,000 square feet store opened in 2006. The closure of the store comes as traditional retailers and mall owners come under pressure of slowing economic growth, a strong dollar and the growth of e-commerce.
Savola, one of the largest food and retail groups in Saudi Arabia, reported its first quarterly loss in eight years for the fourth quarter of 2016, when it lost 964 million Saudi riyals (Dh944.1m).
The group closed 51 smaller Pandati stores last year as the economic slowdown in the kingdom hit consumer demand.
"Due to the rapid deceleration in grocery retail, the performance of these assets fell below forecasts and the inventory purchased in anticipation of these forecasts was high," it said in a filing. The company said it would reconfigure its operating model in retail.
A customer service representative confirmed a clearance sale was expected to start this week. About 400 people are understood to work at the vast hypermarket, the only Hyperpanda in the UAE.
Riyadh-listed Savola Group, the parent company of HyperPanda, and Al Futtaim, the owner of Dubai Festival City Mall, did not return requests for comment.
The 175,000 square feet store opened in 2006. The closure of the store comes as traditional retailers and mall owners come under pressure of slowing economic growth, a strong dollar and the growth of e-commerce.
Savola, one of the largest food and retail groups in Saudi Arabia, reported its first quarterly loss in eight years for the fourth quarter of 2016, when it lost 964 million Saudi riyals (Dh944.1m).
The group closed 51 smaller Pandati stores last year as the economic slowdown in the kingdom hit consumer demand.
"Due to the rapid deceleration in grocery retail, the performance of these assets fell below forecasts and the inventory purchased in anticipation of these forecasts was high," it said in a filing. The company said it would reconfigure its operating model in retail.
Mar 28th 2017, 11:28 am
#2
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Re: Hyperpanda to shutter its doors in Dubai Festival City
so bargains to be had huh
although i suspect it will be packed
although i suspect it will be packed
Mar 28th 2017, 11:36 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
'Hyperpanda to shutter its doors'? Shoot the sub for that horrible use of English. The paper's standard is supposed to be British English.
Mar 28th 2017, 11:37 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
[joke!]
Mar 28th 2017, 11:50 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
Did anyone ever go there? What did they sell?
Mar 28th 2017, 11:52 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
It's a big supermarket!
Mar 28th 2017, 11:57 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
Mar 29th 2017, 6:58 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
Like a more shite Carrefour / Lulu.
Mar 29th 2017, 7:38 am
#12
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Re: Hyperpanda to shutter its doors in Dubai Festival City
only ever went in there a couple of time when I was at festival city for other reasons. was always pretty empty.
Mar 29th 2017, 8:01 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
Mar 29th 2017, 8:36 am
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Re: Hyperpanda to shutter its doors in Dubai Festival City
Not too big, some good shops, good food options, never too busy and very spacious.
If you fancy a bit of a wander, lunch and shopping it beats the monster malls hands down.