Agora Super Stores Explained

Agora
Type:Private
Industry:Retail
Predecessors:-->
Successors:-->
Founded:2001
Founders:-->
Hq Location Country:Bangladesh
Area Served:Dhaka, Chittagong, Sylhet
Owner:Brummer & Partners and Rahimafrooz Bangladesh Limited
Num Employees:1000+
Parent:Brummer & Partners and Rahimafrooz Bangladesh Limited[1]

Agora is a Bangladeshi retail superstore that operates a chain of hypermarkets, discount department stores, and grocery stores. Headquartered in Dhaka, Bangladesh, the company was founded by Rahimafrooz Superstores Ltd. in 2001,[2] and it was the pioneer and largest retail-superstore in Bangladesh.[3] [4]

History

Agora was founded in Dhaka in 2001 by Rahimafrooz Superstores Ltd of Rahimafrooz group.[5] In 2006 Agora was fined 100 thousand taka by Mobile court over food safety.[6] By 2008, it had 4 superstore retain branches in Dhaka.[7] The store uses 50 thousand rural farmers and traders to supply itself.[8] In 2011, the store opened its first branch in Chittagong.[9] The same Agora acquired rival brand PQS in Dhaka.[10] By 2012, Agora had 10 branches in Bangladesh.[11]

Agora branch in Mohammadpur was fined in 2013 and again in 2014 for selling stale vegetables.[12] In 2015, Agora won the best retail brand award by Bangladesh Brand Forum.[13] On 15 May 2016, Agro and other superstores closed their stores in protest overfine issued by Bangladesh Food Safety Authority for selling date expired food on 12 May 2016. The Shantinagar branch manager Monirul Islam of Agora was sentenced to 2 years imprisonment by the mobile court of Bangladesh Food Safety Authority.[14] [15] [16]

Acquisition of Softlogic Holdings

Sri Lankan conglomerate Softlogic's retail holdings wing entered into an agreement on 4 March 2022 to fully acquire Agora, according to public disclosure by the Lankan conglomerate. The acquisition of a 100% stake in the company via a series of transactions would be subject to terms and conditions set out therein and receipt of regulatory approvals, Softlogic Holding PLC said in its regulatory filing in Colombo Stock Exchange. Neither Softlogic nor Agora owners disclosed the deal value. Investment banking sources, however, estimate that the amount might be something between Tk181 and Tk249 crore, citing previous events.[17]

As part of recent update, talks are being held to sell Agora to Gemcon group. Which will be named & operated as Meena Bazar in the future. [18]

Notes and References

  1. News: Softlogic buys Bangladesh retail superstore Agora . 9 March 2022 . Ada Derana . 4 March 2022 . en.
  2. News: Agora's 5th founding anniversary celebrated. The Daily Star. 18 May 2017. 30 August 2018. https://web.archive.org/web/20180830110345/http://archive.thedailystar.net/2006/08/25/d60825050876.htm. dead.
  3. News: Dove hair care products at Agora. The Daily Star. 18 May 2017. en. 6 October 2007.
  4. News: Small supermarkets struggle to sustain. The Daily Star. 18 May 2017. en. 22 June 2008.
  5. Web site: Agora About Us. agorasuperstores.com. 18 May 2017. en. https://web.archive.org/web/20170605002255/http://agorasuperstores.com/about-us/history-of-rahimafroooz/. 5 June 2017. dead.
  6. News: Agora fined Tk 1 lakh by mobile court. The Daily Star. 18 May 2017. 30 August 2018. https://web.archive.org/web/20180830110553/http://archive.thedailystar.net/2006/01/04/d60104011612.htm. dead.
  7. News: Rahimafrooz plans 20 new Agora outlets. The Daily Star. 18 May 2017. en. 25 August 2008.
  8. News: Niaz Rahim: A Story of Principle before Profit. The Daily Star. 18 May 2017. en. 1 July 2016.
  9. News: Agora makes Chittagong debut. The Daily Star. 18 May 2017. en. 27 May 2010.
  10. News: Agora takes over PQS. The Daily Star. 18 May 2017. en. 26 July 2011.
  11. News: Supermarket chains plan to expand in a big way. The Daily Star. 18 May 2017. en. 5 August 2012.
  12. News: Agora fined for selling stale vegetables. bdnews24.com. 18 May 2017.
  13. News: Best brands celebrated. The Daily Star. 18 May 2017. en. 22 November 2015.
  14. News: Errant chain stores, restaurant fined in capital. The Daily Star. 18 May 2017. en. 12 May 2016.
  15. News: Superstore owners keep shutter down protesting 'harassment'. The Daily Star. 18 May 2017. en. 15 May 2016.
  16. News: Scientific tests before action. The Daily Star. 18 May 2017. en. 16 May 2016.
  17. News: Sri Lankan company snaps up Agora . The Business Standard. 9 March 2022 . 5 March 2022 . en.
  18. Web site: Correspondent . Staff . Talks on to sell retailer Agora to Meena Bazar owner Gemcon . 2024-04-23 . bdnews24.com . en.