Phones and electronics distributor Midcom Group is set to open 100 new stores in Kenya over the next three years as it seeks to expand its retail business in Africa.
The firm will invest $50 million (Sh5 billion) to grow its network by opening 1,700 new m-store outlets across Africa within a period of three years.
The firm has a retail presence in Kenya as well as Tanzania, Ivory Coast, Senegal, Uganda, Rwanda, Nigeria, Ghana and Togo and the new stores will ensure that customers are able to buy gadgets from multi-nationals and get after-sale services with ease.
“Midcom Group is synonymous with mobile and electronics distribution across Africa. We pride ourselves in providing deep distribution infrastructure which has seen us become a strategic partner for leading global players such as Microsoft, Apple, Huawei, HTC, Alcatel and Techno,” managing director Akash Kumar said in a statement.
“With the Mstore expansion plan, we will create over 10,000 new job opportunities enabling us to leverage local talent backing it with our broad expertise.”
The retail outlets will be located in major towns and closer to customers as the firm seeks to grow its market share. Handsets retail market is largely dominated by telco giants such Safaricom and Samsung.
M-Stores will display devices from partner brands but promoters will be present to help customers out.
The firm is a diversified conglomerate headquartered in Dubai and has in the past invested in various sectors including agribusiness, telecoms, forex, real estate, transport and education.
In 2014, for instance, it ventured into the local dairy market in a growth and diversification strategy after it started importing milk powder, ghee and butter under the brand Lato Milk from its Uganda factory to the Kenyan market.