Regency Group, one of the leading players in the Middle East retail sector, launched its new retail brand- Costo with the opening of its pilot store in Khaitan on 7 March. Costo is a cost-efficient neighborhood daily store where everyday requirements of customers are met. Costo Khaitan outlet is strategically located in the 55th ring road and is easily accessible from all major roads like Fifth and Sixth roads.
Situated in the basement floor of Naser Al Geean Complex (Block 8, Nasser Sanhath Al Usaimi Street), this 14,000 sq.ft store, unlike normal supermarkets and hypermarkets, will feature only a limited set of products across categories that cater to the daily needs of a customer. Costo plans to be a customer-centric daily purchase store where customer feedbacks determine the future, giving customers the delight to buy exactly what they want- be it any brand or product.
Costo stores will feature categories like fresh, food and non-food, butchery, fishery, household, fashion, footwear, electronics, mobile and laptops. All the perishable goods, farm produce and meat are exclusively flown in from around the globe on a daily basis to offer uncompromised quality standards and to ensure they are available fresh to the end users.
Speaking on the opening of the new brand, Dr. Anvar Ameen- Group Managing Director, said, “It gives us immense joy to announce the launch of our new revolutionary retail store brand in Kuwait. The concept of Costo arrived after a lot of in-depth research done by our internal research wing along with consultants from Europe and Turkey. The research studies indicated space in the daily or regular purchase market where there is a scope to provide products directly to customers with better price and quality. This triggered the very idea of Costo.”
Ayyoob Kachery, Kuwait Regional Director stated that the new concept store differentiates itself by providing consumers with high-quality products, uniquely selected to suit their tastes and price sensitivities. “This way we make sure the consumers enjoy a complete shopping experience,” he added.
Mr. Namith, Chief Executive Officer – UAE region said, “Our vision at Costo is to be the daily shopping destination for customers. The planned format of each store will have a majority area allotted for daily use products across each category.”
Mohammed Suneer, Chief Executive officer – Kuwait region said, “Finally, customers reap the maximum benefits on shopping from Costo as the group has its own sourcing centers in Europe, Turkey, China, Indonesia, Thailand and Sri Lanka, eliminating the middle men from the entire supply chain. This ensures that best quality products reach customers in minimum time at the lowest prices.”
The promoters state that the launch of Costo in Kuwait is yet another landmark in the history of retail operations of the group. They conveyed their sincere gratitude and best wishes to His Highness Sheikh Sabah Al Ahmed Al Sabah, the generous Kuwaiti public and business-friendly systems. His Highness Sheikh Sabah Al Ahmed Al Sabah’s wise leadership has steered Kuwait to become a self-sufficient and investor-friendly destination, one of many reasons to pick Kuwait over other GCC countries.
In order to achieve their mission of reaching every customer, the promoters, Regency Group, aim to expand their retail stores in all the major areas of Kuwait and serve the Kuwait population with the right mix of products at the most competitive prices possible. Costo, Khaitan is strategically located and is easily accessible from all the major roads like Fifth and Sixth ring roads.
Explaining the group’s strategy in retailing, Thehaseer Ali, General Manager, Kuwait, said, “Our newest venture in Kuwait is in line with our policy to get closer to our customers and offer an unmatched experience with regard to quality of products, the standard of service and pricing. In fact, we are planning to open more outlets of both Costo and Grand brands in this country as well as other GCC nations and select other markets.”
Having experience in Kuwaiti market for more than eight years, the promoters were convinced that the growing population, the constant growth of the economy, the increase in the GDP, and the support from the Government of Kuwait to the business community here bode well for them to choose this market and spread their business footprint.
Rahil Bassim, Chief Operating Officer said, “Over years, Kuwait has grown into a mature retail market with customers exposed to high standards of organized retail, hence, without doubt, Kuwait was the right place in GCC for us to launch COSTO.”