, BUSIA, Kenya, Dec 6 – Nakumatt Holdings has opened two new branches in Busia and Bungoma towns, pushing its total branch count to 57 stores across East Africa.
The opening of Nakumatt Bungoma and Nakumatt Busia, is part of the firm’s ongoing programme geared at enhancing its national market presence in county headquarters. Currently, Nakumatt has a branch presence in 15 counties in Kenya alongside its Uganda, Rwanda, and Tanzania presence.
Speaking, at the opening of the two branches, Nakumatt Holdings Regional Operations and Strategy Director, Thiagarajan Ramamurthy, disclosed that the firm, has invested more than Sh200million in the two new branches.
“At Nakumatt, we have seen the impact of devolution in Kenya and such branch openings are expressly geared at complementing the ongoing county development agenda,” Ramamuthy said, adding: “Retail, acts as a barometer of economic growth and our presence in these markets, will further help to raise the formal retail penetration in Kenya.”
In Busia, County Governor Sospeter Ojaamong pledged support for investors entering the county as part of his commitments commitment to deepen formal retail trade.
Busia County, Ojaamong disclosed, has formulated policies to guide retail and wholesale sector investments.
In Bungoma, Governor Ken Lusaka, while welcoming Nakumatt’s entry, into the region also pledged to maintain a conducive environment for retail sector investors. The Bungoma County Government, he said has already rolled out robust investment attraction plans which have begun to bear fruits.
The opening of the two new branches, comes hot on the heels of their recent acquisition from the former, Yako Supermarkets.
Nakumatt Holdings, recently acquired the former, Yako Supermarkets Ltd assets in Kakamega, Bungoma and Busia at an undisclosed financial consideration deal, setting the stage for its enhanced expansion in Western Kenya.
The acquisition, has allowed, Nakumatt, to make a fresh entry to Busia and Bungoma, towns, and will also be establishing its second store in Kakamega town in coming weeks.
Alongside the acquisition, Nakumatt, is now all set to close its trading year (ending February 2015) on a 60 branch strong position, up from the current 57 branch status. Plans, for the opening of new Nakumatt stores before the end of the trading year, in Kericho, Emali, Kampala and Kigali, are already in high gear.
As part of a strategy to double its local and regional market share, Nakumatt, has been undertaking a number of customer experience enhancing projects.
Currently enjoying a less than 25pc market share of the formal retail space, Nakumatt Holdings, is actively seeking to retain a bigger slice of the mid to premium segment. Through the strategy, the retailer has been working, to grow its gross revenue to over US$1billion in the medium term period while growing its network footprint across East Africa.
Nakumatt, has already embarked on a stores refurbishment programme geared at refreshing its shopping floor ambience to global standards across the region.