The Mukuha family-owned Naivas chain has extended its reach now serving one of the Kenya’s upmarket locale, that being Karen.
The retailer in a pompous event on the Monday of October 12 launched its 66th outlet at the Waterfront Mall. It now occupies former South Africa’s ShopRite which seeks to exit the Kenyan market, having only one branch at the Garden City Mall left.
In a presser after the launch, one of the chain’s directors hinted the extension was upon demand from customers who thought it was the right time the retailer serves the market around. They are hopeful that the course will be fruitful.
Naivas remains the local retailer currently dominating the industry after the unceremonious gradual exit of the debt-stricken Tuskys.
Competition is however felt from Majid Al-Fytaim’s Carrefour and South Africa’s Game Stores. It should not be lost that Quickmat also poses another great force given the penetration it’s had in the industry lately.
In August, Naivas was reported to have received KSh 6 Billion from the sale of 30% ownership of its company to international investors including French Private Equity Fund Amethis, International Finance Corporation, MCB Equity Fund and Germany’s sovereign wealth fund. The transaction valued the chain at KSh20 Billion.