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Middle Eastern retailer to roll out 250 new stores

Dubai-based retail group Landmark is to roll out a raft of stores and launch in new markets as well as create a Middle Eastern department store format.

Landmark chairman Micky Jagtiani wants to open 250 shops, including 50 in India, this financial year.

He will also consider debuting a new department store model, although it is in the early stages of conception.

Mr Jagtiani said he was seeking new franchise agreements and "looking at opportunities to acquire brands", he revealed.

Mr Jagtiani has previously expressed an interest in overseas department store businesses. He partnered with Icelandic investor Baugur to declare a possible joint bid for US department store Saks in October last year.

As well as already operating almost 1,000 stores across the Middle East, India, China and Spain, Mr Jagtiani will add three new markets to Landmark's portfolio – Egypt, Lebanon and Syria.

The Indian-born retailer told delegates at the HGA Group's Retail in the Emerging and International Markets seminar in London: "We are trying to buy up companies now that we can take as franchises to the markets."

The group's turnover is in excess of £1.71 billion.

Source: Retail Week