Retail giant Carrefour closes operations in additional GCC nations, announcing the shutdown of its stores in Kuwait following its withdrawals from Bahrain, Oman, and Jordan.
In the heart of the Gulf, a notable change is unfolding in the retail sector. Majid Al Futtaim (MAF), the operator that introduced Carrefour as a household name in 1995, is now pursuing a strategy to take over the market share previously held by the French retail giant.
MAF's decision to pivot towards the HyperMax brand suggests a push to have more control over its retail strategy. This move, which has been met with intrigue and anticipation, could signal a departure from the global franchise model that MAF has been operating under for years.
The shift towards HyperMax has left consumers waking up to a retail landscape that looks very dissimilar from just a year ago. The closures of Carrefour outlets in Kuwait, Bahrain, Oman, and Jordan have left a noticeable void in the market. Carrefour's exit from Kuwait adds to the speculation about its future in the Gulf.
HyperMax, a brand few had heard of until this year, remains to be seen if it can build the same loyalty as Carrefour. As MAF doubles down on its new identity, it's clear that the retail landscape in these countries is now very different from what it was just a year ago.
Despite the changes, MAF continues to operate over 390 outlets in 12 markets across the Middle East, Africa, and Asia. The company's commitment to the region remains steadfast, and it will be interesting to see how the transition to HyperMax unfolds and what impact it will have on the retail sector in the Gulf and beyond.
