Fortune News | Dec 05,2018
Jul 27 , 2019
By SELAMAWIT MENGESAHA ( FORTUNE STAFF WRITER )
The inauguration ceremony for the eighth Queens supermarket involved Arega Yirdaw (centre) (PhD), CEO of MIDROC Technology Group, offering a guided tour to many guests including Hassen Hussein Ali Al-Amoudi (left) (Sheik). The eighth branch of Queens Supermarket, a business under MIDROC Technology Group, has opened its doors in Kolfe Keranio District.
MIDROC Technology Group, a business founded by the Ethio-Saudi business tycoon Mohammed Hussein Ali Al-Amoudi (Sheik), has invested 59.3 million Br to open the supermarket.
Located at Keranio Plaza, Queens Supermarket was inaugurated last Tuesday, July 23, 2019, attended by Arega Yirdaw (PhD), CEO of MIDROC Technology Group and Al-Amoudi's brother, Hassen Hussein Ali Al-Amoudi (Sheik). The investment includes pre-operating project implementation expenditures, working capital and the purchase and installation of equipment.
Queens, a member of the MIDROC Technology Group, is engaged in the wholesale and retail trade of consumable products. Established on July 2, 2010, with 51 employees, it started by retailing agro-industry products, agricultural products, seafood, personal care products, detergents, canned foods, beverages and other manufactured merchandise.
Expected to generate 75 million Br a year, the new supermarket will hire 50 people. It is equipped with dry shelves, dry display cases, cold display cases and ventilation fans.
"We expect the supermarket will generate almost 50pc of the company's revenue," said Arega.
Queens, which has a capital of 23.8 million Br and operates with 142 employees, has annual sales of 157 million Br, which has increased dramatically from its initial year of 12.2 million Br.
Queens is one of 25 companies under MIDROC Technology Group, which was established in 2000 to provide management services for multi-sectoral companies under the leadership of the Office of the Chief Executive Officer.
Shelves, equipment and refrigerators of the supermarket were supplied by the United States-based company XSyn Corporation and ADAGO MIDROC Trading Plc, a member of the Technology Group engaged in the import and wholesale distribution of merchandise.
Huda Real Estate Plc, another member of the Technology Group engaged in real estate development activities, constructed the supermarket. Guba Lafto Consulting Architects & Engineers, another firm under the Group, supervised the contractor.
The supermarket has cold rooms with complete accessories for meat, poultry, fruits and vegetables, offices and an employees' canteen with a total floor area of 2,084Sqm. It also has a parking lot area of 3,668Sqm that can accommodate 137 vehicles. The new facility has a standby generator and telephone and data systems.
The supermarket resides inside ELFORA Agro-Industries, a company established in 1997 as a subsidiary of MIDROC Ethiopia Investment Group. Resting on 18,000Sqm, the compound is home to Unity School, a primary and secondary school, and a gas station, National Oil Company MIDROC.
ELFORA spent 37.7 million Br in developing the compound, and Dashen Bank and coffee shops are expected to be opened by the end of October this year with a combined investment estimated at 14 million Br.
Alazar Ahmed, a marketing consultant, suggests Queens conduct a prior assessment to understand demand in the market.
Consumers want quality products for a reasonable price, according to Alazar, who adds that most of the supermarkets stock only high-end products.
"Queens and other new supermarkets should consider filling this gap," Alazar said.
The latest data from the Addis Abeba Trade & Industry Bureau shows that over 843 supermarkets and 50 hypermarkets were registered across the country, despite the absence of standards to certify the businesses.
PUBLISHED ON
Jul 27,2019 [ VOL
20 , NO
1004]
Fortune News | Dec 05,2018
Fortune News | Jun 04,2022
Fortune News | Jun 20,2020
Fortune News | Jan 02,2021
Photo Gallery | Feb 02,2019
In-Picture | Feb 02,2019
Radar | Mar 14,2020
Radar | Dec 21,2019
Radar | Jan 18,2020
Radar | Jan 15,2022
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transportin...
Jul 13 , 2024 . By MUNIR SHEMSU
The cracks in Ethiopia's higher education system were laid bare during a synthesis re...
Jul 13 , 2024 . By AKSAH ITALO
Construction authorities have unveiled a price adjustment implementation manual for s...
Nov 9 , 2024
Ethiopia's foreign exchange debacle resembles a tangled web of contradictions and con...
Nov 2 , 2024
Addis Abeba, fondly dubbed a 'New Flower,' is wilting under the weight of unchecked u...
Oct 26 , 2024
When flames devoured parts of Mercato, residents watched helplessly as decades of toi...
Oct 20 , 2024
Central Bank authorities have unveiled no less than six new guidelines to fine-tune t...
Loading your updates...