Just Falafel to open 40 stores by year-end

Dubai: Just Falafel, a UAE-based food and beverage retailer, plans to add 40 stores by the end of the year, bringing the total number of stores to over 90 by the end of the year, according to Fadi Malas, the company’s chief executive.

The retailer, which sells falafel, a Middle Eastern deep fried ball or patty made from ground chickpeas or fava beans, currently has 52 stores in 12 countries.

“We have 20 stores secured that are under construction. But we are looking to secure another 20 from now until the end of the year,” Malas told Gulf News in a phone interview.

According to him, the company is not looking to issue a bond to finance its expansion.

Asked if the retailer is eyeing an initial public offering (IPO), Malas said: “We are looking at all funding avenues. We are looking at [an IPO], of course.”

“We are not close [to issuing an IPO], but we will look at it in the next 12-18 months,” he said.

After opening its first outlet in Australia and the US this year, Just Falafel plans to enter Canada (Toronto), Ireland and India before the end of the year, with at least one store each, according to Malas.

He said that India is a big market for the retailer, given the country’s large population and demand for vegetarian food.

The retailer is also looking to open outlets in the Benelux region of The Netherlands, Belgium and Luxembourg, where it plans to roll out 57 stores over the next five years. More stores are expected to open in Turkey, Australia, the US and Egypt this year.

Regionally, meanwhile, two stores are expected to open in the UAE this year, where the company has 18 —one in Abu Dhabi and Sharjah. It is also looking to double its presence in Saudi Arabia and Egypt to 15-17 and 14 stores, respectively, and open its first store in Manama, Bahrain.

Just Falafel is also in talks to open outlets in South America, according to Malas.

“[In South America], there are high growth economies and there is not a player in South America that we know of that is offering Mediterranean food in a structured way,” he said.

The company aims to double its total product sales over the next 12 months, Malas said. Its revenue stood at Dh50 million last year, which he expects to have “double-digit growth” this year.