This archive report was first published on 22 May 2020.
On May 22, 2020, Car & General (Kenya) announced the completion of a lease deal for the refurbished Nairobi Mega property on Uhuru Highway, paving the way for French retailer Carrefour to open its store in June.
According to the automobile dealer's half-year financial report, Carrefour will be the anchor tenant at the property, which has now been fully leased.
The retailer had initially scheduled the opening of the branch for March but had to postpone due to the delayed refurbishment blamed on coronavirus disruptions.
Car & General stated in the report, 'We have completed the refurbishment of Nairobi Mega (formerly Nakumatt Mega), which comprises 170,000 square feet including car parking. Carrefour will be the anchor tenant and expect to open in June.'
The automobiles dealer's half-year profits rose to Sh164.76 million in the six months to March from Sh51.29 million in the similar period last year, driven by increased sales for its two-wheelers locally and in neighboring Tanzania.
Leasing of the property to Carrefour signals the move by the automobiles dealer to diversify its business at a time the coronavirus pandemic is expected to hurt its revenues.
