Spinneys has opened a new 4,100m² hypermarket in the Mall of Tanta, in Egypt’s Gharbeya Governorate. The new store has a 15 year lease and is the company’s 14th outlet in Egypt and will compete directly with Carrefour’s Tanta hypermarket.
The new store marks Spinneys’ 14th outlet in Egypt and is part of a major expansion plan (less than a decade ago, the retailer had just 3 stores in Egypt). It has reportedly cost EGP80m ($4.3m)
Spinneys now has outlets in Cairo, Alexandria, Hurghada, New Minya and El Shorouk City as well as the new Tanta outlet. A further store is planned to open in 2019 in El Sadat City.
In July, Investec Asset Management, via its pan-African private equity fund, bought a controlling stake in Spinneys Egypt from the struggling Abraaj Group. Previously, Portuguese supermarket chain Sonae had been in negotiations to buy the chain.
The Spinneys store in Tanta will serve Egypt’s fifth largest populated area, with 658,798 inhabitants. In the north of the country, it is situated 94km north of Cairo and 130km southeast of Alexandria.
The Tanta Mall has been built by Marakez, a subsidiary of the Saudi Arabian Fawaz AlHokair Group, owner of the Mall of Arabia and the Mall of Katameya. The Mall of Tanta, with Spinneys as the anchor tenant, has opened on schedule. It has 40,000m² of gross leasable area, capacity for 140 shops, 1,500 parking spaces and will feature the usual mix of shops, a multiscreen cinema, QSR outlets and a dining area. It is the largest mall in Egypt’s Delta region.