Co-ops sales rise 3.22% to Dh7.17 billion in 2015
The Co-ops have posted Dh7.171 billion sales in 2015, posting an increase of Dh223.0 million or by 3.22 per cent compared to the sales of 2014, said Majid Hamad Rahma Al Shamsi, chairman of Consumer Co-operative Union, UAE on Monday while inaugurating 21st Co-Op shopping festival 2016 on Monday.
“More than 415 products are under our private label Co-op brand and they are expected to increase as there is high demand and steady growth in sales and its market share. In year 2015, Co-Op brand private label total sales was amounted Dh76 million and is expected to be increased with double digit growth in current year.”
All Co-operative Societies have spent more than Dh75 Million in year 2015 by reducing the prices for many items in order to control the price increase and to support customers to help them to save their money during price increase and crisis. The capital of co-ops raised to Dh1.318 billion in 2015 an increase at Dh155.0 million over 2014, and shareholders countrywide increased to 69047 i.e. by 2773 (4.18 per cent) compared to the previous year.
Speaking at the inauguration, Al Shamsi, said: “The co-operative movement is deep rooted in social-economic sphere of UAE protecting and serving the common interest of consumers in general and consumers with the middle income group in particular in multi lingual/cultural society comprising world communities and becoming favorable shopping destination for locals and expatriates alike.” Al Shamsi said: “The numbers of main Co-operative societies are 18, which are operating with 112 branches across UAE and 18 more new branches are in progress. Total no of branches will reach to 148 in year 2016.”
Al Shamsi explained that, there is a great opportunity of co-ops to expand to reach all the consumers in the country. He added that, after 40 years of opening the first Co-ops outlet in the country under the law No 13 of year 1976 has not been changed and this is the main obstacle with all Co-ops against the revolution of Co-ops and Co-ops have a chance to improve as it is high time as many works have been done between Co-ops and the Ministry of Economy and it is very necessity to have all co-ops under supervision ministry of economy.
Co-ops have been involved in charity work as well as thrust to share on corporate social responsibility; their total contributions reached to Dh217.806 million in 2010-2014. He said, the purpose of having this festival every year is to spread awareness of co-operative movement in the country and protect the consumer from market price inflation and from sub-standard products.