Midcom group has announced its plans to invest US$8 million in the Ghana retail sector, growing its Mstore brand from 40 outlets to 110 by 2020.
The Group is injecting US$50 million into retail expansion across Africa, growing its Mstore brand from 300 outlets, to 1,300 in 2018 and over 2,000 outlets by 2020, which will make Mstore the largest mobile and electronics retailer in Africa and create over 5,000 jobs.
Midcom operates across 17 countries in Africa, the Middle East and Asia in a variety of industries including telecommunications, consumer electronics, dairy, education, commercial and residential real estate and Forex.
Mstore currently has a presence across Ghana, Tanzania, Kenya, Uganda, Rwanda, Nigeria and Togo and expansion will see the store increase its presence in these markets and enter new countries, including Chad, Ivory Coast and Senegal.
Midcom Group’s Managing Director, Akash Kumar, said: “We’ve been operating across the continent for over 14 years in an array of industries which complement one another by allowing us to successfully apply the group’s combined knowledge and expertise of African markets and sectors to the continued growth of our brands. The expansion of Mstore is the latest realisation of that growth strategy, which we believe any other international organisation moving into these markets would struggle to replicate. By starting small, with 300 locations, we’ve used our knowledge of the markets to apply a strategy that will make us the largest mobile and electronics retailer on the continent.
“The expansion of Mstore will support another of our businesses, FERO, our recently launched line of mobile phones, by providing full sales and technical support to FERO customers across our markets. This type of on-the-ground support is a service no other mobile operator in Africa is able to offer.”
3news