This archive report was first published on 8 December 2021.
Naivas, the country's largest retail chain, is gearing up for a major expansion with the opening of three new outlets in Nairobi and Malindi. The move comes on the back of a Ksh6 Billion investment by a consortium of investors, including the International Finance Corporation (IFC), private equity firms Amethis and MCB Equity Fund, and German sovereign wealth fund DEG.
The new branches will be located at Oasis Mall in Malindi, Embakasi in Nairobi, and Greenspan Mall in Donholm, Nairobi. Two of the outlets are set to open this week, with the Malindi branch unveiling on Thursday, November 9, and the Embakasi outlet opening its doors a day later on Friday, November 10.
The spaces at Oasis Mall and Embakasi were previously occupied by fallen retail giants Nakumatt and Tuskys, respectively. The third outlet is expected to be opened ahead of Christmas.
Naivas Chief Commercial Officer, Wy Kimani, confirmed the expansion, stating, 'We are elated that our store openings have been greatly enhanced through the support of our stakeholders and investors who have strengthened and improved corporate governance, increased accountability and professionalism within the business.'
The expansion comes as other players in the retail industry struggle to honor tenancy agreements and supplier arrangements. Nakumatt folded under the weight of debts, while Tuskys has scaled down and is under pressure to release details of a mystery investor who hopes to inject Ksh2.1 Billion to help the company meet its obligations to creditors and spur revival.
Naivas' growth has taken place against the backdrop of the struggles of other players in the industry. The company's expansion is a significant milestone in the Kenyan retail sector.
