Spinneys, which was recently listed on the Dubai Financial Market (DFM) after a successful IPO, has opened ‘The Kitchen by Spinneys’, its first standalone food hall concept, at Dubai Mall.
The Kitchen by Spinneys features a dine-in format inspired by internationally successful concepts from the US, Europe, and Asia Pacific. It offers high-quality, ready-made food, focusing on customer needs for “food for now” and “food for later”.
This new format aims to capitalise on the high-growth potential of the UAE’s food-service sector, projected to grow at a compound annual growth rate of 6.8 percent from 2022 to 2028. Spinneys plans to establish 15 Kitchen by Spinneys locations in the UAE by 2028.
Additionally, Spinneys plans to open four regular stores in Saudi Arabia by the end of the year and three more stores in the UAE.
Sunil Kumar, CEO of Spinneys, stated: “Today’s launch of The Kitchen by Spinneys marks the first major milestone post-IPO in our strategic roadmap and represents a significant step towards fulfilling our commitment to innovation and customer-oriented growth.”
“Our first standalone dine-in concept demonstrates our ambition to leverage the dynamism of the UAE’s food service sector, reinforcing our unique value proposition while expanding our high-quality, health-focused offering.”
“By integrating this new experience into our growth strategy, we are diversifying our offering in our core UAE market and creating new and exciting ways to serve our communities.”
The first Kitchen by Spinneys builds on the success of the proof-of-concept Waitrose & Partners store, which opened in ICD Brookfield Place in February 2022. It also draws on the experiences from the Spinneys store in Meydan (opened November 2019), and in Dubai International Airport (opened April 2018).
The company reported a revenue growth of 10.9 percent for Q1 2024, reaching a record AED 815M ($221.9M). Despite one-off IPO costs and the introduction of a 9 percent corporate tax in the UAE in the first quarter, Spinneys recorded a profit of AED 75M ($20.4M) for the period, up 12.8 percent year-on-year.
