Red Wave, one of the Maldives' largest retail chains, has reportedly acquired two retail outlets from competitor Agora.
Red Wave purchased Agora’s outlets located in Majeedhee Magu and Sosun Magu. The popular retailer purchased both establishments but not the retail goods.
While Red Wave has acquired the majority of Agora's locations, the latter still has one outlet in Chaandhanee Magu.
Agora reportedly told its staff working in these outlets that they would be closing shop by the end of December 2022.
Agora did not disclose the acquisition details. Both retailers were unavailable for a comment; however, sources have informed that Red Wave would be taking over the properties on lease directly from the proprietor.
Agora was founded nearly 20-years ago and is still a prominent wholesale and retail establishment in the Maldives. The stores are well-known for catering to all household needs by offering appliances, kitchen utensils, and a variety of food products.
Despite maintaining a stronghold as a local retailer, Agora faced strong competition from larger local brands such as Red Wave or VB.
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