New CEO Matt Frost said Spinneys has invested $48 million in new headquarters that will feature flagship store
Spinneys will open 18 new outlets as part of an expansion in UAE by 2020, according to incoming CEO Matt Frost.
Frost, who replaces current CEO Jannie Holtzhausen on January 3, said that the 18 stores will be “either Spinneys or Waitrose.”
“Ultimately, it will be the customers that help us decide that,” he noted, adding that at the moment the plans call for the additional outlets to be located in Dubai or Abu Dhabi.
The new openings will see the number of outlets in the region rise to 79 stores, which Spinneys believes will lead to the creation of 2,000 new jobs. Spinneys is forecasting 40 percent growth by 2020.
While Holtzhausen and Frost declined to comment on the possibilities of expansion outside the UAE, Frost said that it isn’t out of the question.
“Ultimately, we’re an ambitious business,” he said. “We have a team that are more than capable of considering expansion outside of the UAE. If it’s right, and it’s pragmatic, and it’s responsible to make that decision, I’m sure we’d be agile enough to be able to take it.”
Frost noted that it has invested $48 million (AED175m) in a new Spinneys headquarters located in Dubai’s Meydan area, which will feature a flagship store and on-site cookery school to assist culinary training and development.
According to Frost, work on the project is already underway, and it is expected to be operational in Q1 2019.