Nakumatt Holdings Managing Director Atul Shah says that this retail network development will be focused on county levels to support economic devolution and to spur economic growth and job creation.
NAIROBI, Kenya, May 25 – Regional retailer Nakumatt Holdings will invest close to Sh1.4 billion in their retail network development.
“At Nakumatt Holdings, we are optimistic that the retail sector will this year make a very significant contribution to the economy largely due to the prevailing growth oriented economic environment conditions,” Shah explained.
This year, Shah disclosed, all indicators are clear that the sector will perform even better with prospects of toppling the financial intermediation sector as the leading national economic driver.
Among other efforts he noted, are that scores of property developers are now making retail related investments, which will significantly support the sector growth.
Shah however called for policy level recognition of the retail sector.
He asked the government to fasten the pace in formulating a Retail Development Policy to help guide the sectors growth at the national and county level.
The National Economic Survey 2013 highlights, released last week by Ministry of Devolution and Planning, Cabinet Secretary, Anne Waiguru, placed the wholesale and retail sector as the second most important economic driver.
According to the report, the Wholesale and retail Sector posted a growth rate of 6.4 percent in 2012 just a notch below the Financial Intermediation sector which grew by 6.5pc to pick the top slot as the leading national economic driver.
While describing the wholesale and retail sector growth as notable, the overall national economic performance, Waiguru, explained, had been, supported by a stable macroeconomic environment, increased domestic demand and modest growth in credit.
While the wholesale sector registered a growth of 6.4pc, the agricultural sector recorded a growth of 3.8 percent in 2012 compared to a suppressed growth of 1.5 percent in 2011.
On the other hand, the manufacturing sector decelerated from an expansion 3.4 percent in 2011 to a growth rate of 3.1 percent in 2012.
