Posted on :Monday , 5th August 2019
Queens Supermarket, the retail business under the MIDROC Technology Group, has opened a new branch in Keranio, western Ethiopia, after investing US$2.06 million (59.3 million Br).
The branch, which brings the total number of outlets that Queen operates to eight, is expected to generate US$2.60 million (75 million Br) a year, and create 50 employment opportunities.
“We expect the supermarket will generate almost 50pc of the company’s revenue,” said Arega Yirdaw, the chief executive of MIDROC Technology Group during the inauguration of the branch.
The company has invested in cold rooms with complete accessories for meat, poultry, fruits and vegetables, offices and an employees’ canteen with a total floor area of 2,084 Square meters.
The retailer engaged United States-based company XSyn Corporation and ADAGO MIDROC Trading Plc, a member of the Technology Group in the import and wholesale distribution of merchandise.
Alazar Ahmed, a marketing consultant, noted that Queens conducted a prior assessment to understand demand in the market which indicated that consumers want quality products for a reasonable price.
“Queens and other new supermarkets should consider filling this gap,” Alazar said.
The latest data from the Addis Ababa Trade & Industry Bureau shows that over 843 supermarkets and 50 hypermarkets are registered across the country, reports Addis Fortune.
Established on July 2010, Queens a subsidiary of the MIDROC Technology Group, is engaged in the wholesale and retail trade of consumable products including agricultural products, seafood, canned foods, beverages and other manufactured merchandise.
Since its inception, the retailer has drastically grown its business from initial sales of US$0.42 million (12.2 million Br) per year to the current of US$5.45 million (157 million Br) and a workforce of more than 140 employees.
Queens is one of 25 companies under MIDROC Technology Group, which was established in 2000 to provide management services for multi-sectoral companies.