Al Shaya Group closes stores in Egypt as the country’s economy struggles
The Egyptian economy is currently experiencing difficulties, including currency depreciation, exchange rate pressures and high inflation. In this context, the Kuwaiti retail group Al Shaya has taken the decision to close some of its stores in Egypt, Egyptian media reported.
Present for more than 20 years in Egypt, the Al Shaya group has more than 200 stores in the country. The decision to close some of these stores represents a serious setback, both for the group and for the Egyptian economy.
Al Shaya Group clarified that it will continue to operate the remaining stores in Egypt and is committed to the Egyptian market. However, the closure of some stores risks job losses and lower consumer spending.
Al Shaya Group also announced the withdrawal of the Debenhams brand in Egypt, both for physical stores and e-commerce operations, by the end of January until March. Debenhams is a British department store chain that has been present in Egypt for over 20 years.
The closure of its stores is a major setback for the company and the Egyptian economy.
Additionally, several other stores will also be closed in Egypt, including The Body Shop, Mothercare and Bankbury. The group will also reduce the number of stores it operates for brands including H&M, Victoria’s Secret, American Eagle and Bath & Body Works.
The Kuwaiti Al Shaya Group, founded in 1890, is one of the oldest companies in Kuwait. It is also one of the largest operators of famous retail brands in the Middle East. It operates more than 4,000 stores across the region, from Dubai to Turkey and Russia, and has a digital footprint including more than 100 websites and apps, while employing more than 50,000 people.
The announcement of the closure of certain stores in Egypt by the Al Shaya group highlights the economic difficulties facing the country. This situation is worrying, because it risks having an impact on employment and consumption of Egyptian households. It is essential that economic authorities take measures to address these issues and support the retail sector in Egypt.
