Agora takes over PQS
Rahimafrooz Superstores Ltd that operates supermarket chain Agora has acquired PQS, another renowned brand.
From August 1, all five PQS outlets across the capital will be operated under the brand name of Agora.
“We reached an agreement two weeks back to take over PQS. This move is part of an expansion plan we have been working on for the last couple of years,” said Niaz Rahim, managing director of Rahimafrooz Superstores Ltd.
“We have been trying for several years to expand our retail chain with an aim to enhance the volume of the 'low margin' business. But the biggest setback is a weak supply chain,” he said, adding, “Now with a more strong supply chain and trained staffs we are ready to expand.”
Now the number of Agora outlets will be 10.
“We are going through massive renovation works to upgrade all the five outlets of PQS to bring them at the equal level of Agora outlets. And from the first day of next month these outlets will be rolled out as Agora,” said Rahim.
SMA Haroon Sohel, president of PQS Super Centres, confirmed the purchase, and said, “Agora will operate the management from next month.”
However, both parties declined to reveal the value of the transaction.
Agora, the first-ever superstore in the country, started operation in 2001.
The idea of superstore flourished in the country last decade, fueled by growing urbanisation, increasing number of women working outside their home, and rising per capita income, said industry leaders.
At present, there are 23 companies with nearly 100 branches operating across the country, according to Bangladesh Supermarket Owners' Association.
The combined sales turnover of these superstores stands at around Tk 1,500 crore a year, while the government gets revenue of nearly Tk 30 crore as VAT, according to data of the association.
The growth in the number of supermarket shoppers is still low, as only one percent of total urban population now shop through these stores.