Fortune News | Dec 05,2018
Jul 27 , 2019
By SELAMAWIT MENGESAHA ( FORTUNE STAFF WRITER )
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]
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