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HyperPanda, one of the largest hypermarkets that's located in the Dubai Festival City, will be closing down after a decade of operations. There could be a chance that the company might offer clearance sales soon.
It’s interesting to note that back in 2014, the Saudi Arabia-based company called Azizia Panda United Co., and had announced plans to expand its HyperPanda stores across the UAE, with a planned investment of AED 3 billion for over three years. The closure of the Dubai-based hypermarket comes after slow sales of retail shops due to the increase in popularity of online shopping. Reportedly, e-commerce has affected Saudi Arabia. Savola, which is one of the largest food and retail, faced a massive AED 900 million loss in the first quarter. The Savola Group also closed down over 51 smaller Panda stores in the kingdom.
While it is reported that HyperPanda might kick start clearance sales, it has officially not been declared yet as such. That said, our reporters had a chance to visit the HyperPanda hypermarket and witnessed a huge rush where people were racing with trollies to grab all they can get. Interestingly, for most of the products, we did not notice any special price deals for clearance sales and discounts for any of the products.
That said, most of the shelves in the HyperPanda have been left empty. We will surely let you know once HyperPanda officially declares a clearance sales promotion.