Kenyan retailers eye festive season
The-Star.co.ke - Nov 20th, 11:43
Kenya's top three retail chains, Nakumatt, Tuskys and Uchumi are set to open new stores in strategic locations across the country in time for the December festive season's shopping boom.
Nakumatt opens its 18th store in Nairobi's South C estate earlier this month, followed by another in mid-December in upmarket Lavington. The retail chain will have a total of 43 outlets across East Africa by year-end.
“Purely based on a recent market research, Nakumatt is now setting the stage ... to beef up our Nairobi metropolitan presence, which will ultimately see us opening at least five more branches within Nairobi county in coming months,” said Atul Shah, the chain's chairman and chief executive.
Tuskys plans to open a mega-store at the newly built Trafalgar Square in Kitale town in a fortnight, which will employ an estimated 300 people.
Uchumi Supermarkets, which is listed on the Nairobi Securities Exchange, is to unveil a new outlet in Mombasa by end-month and another in Juja before Christmas.
Uchumi is also eyeing regional expansion, corresponding to its ongoing cross-listing drive. Its shares are trading on the Rwanda and Uganda bourses, and it has now set sight on the Dar Stock Exchange to complete a regional listing cycle.
Nakumatt said its last year revenues were up by more than 17 per cent, helped by end-year holiday season sales. The family-owned chain stores, which suffered a Sh2 billion loss in the Westgate Shopping Mall attack in September, said the current expansion programme is part of a business recovery plan. The destroyed outlet was one of its best performing in terms of revenues, it said.
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