Carrefour sales hit Sh33bn on expansion of branchesMonday February 28 2022
Retail chain Carrefour Kenya’s sales surged 25.8 percent to Sh32.9 billion (one billion Emirati dirham) last year as it opened more branches and attracted more customers to its stores concentrated in Nairobi.
Majid Al Futtaim, the exclusive holder of Carrefour’s franchise in Kenya, said the revenue had increased from Sh26.2 billion (848 million dirham) recorded the year before.
The retailer opened its first store in Kenya in 2016 and now has 14 outlets. It is also growing online shopping.
The supermarket operator’s sales growth bucks the trend of poor performance by its foreign peers that have either recently exited the Kenyan market or reduced their footprint, citing losses.
South African retail giant Massmart that operates the Game Stores last year revealed it plans to sell its three stores in Kenya, marking the latest of a string of retreats from East Africa by foreign retailers.
The Johannesburg Stock Exchange-listed retailer announced last September it had put up 14 Game stores in East and West Africa for sale, citing a need to focus on its “core strengths.”
Massmart’s planned exit followed previous similar exits of South African retailers Shoprite and their Southern Africa peer Botswana-based Choppies, which had entered the market by acquiring a majority stake in a struggling local retailer in 2016.
The retreats have left Carrefour as the only major foreign-owned large-scale retailer in Kenya.
Carrefour said earlier that following its increased sales in the country, it will continue the expansion of its retail business with a focus on online shopping.
Its fourteen stores are located across the country with ten stores in Nairobi, two in Kisumu and two others in the coastal cities of Mombasa and Diani.
“Despite the challenging macro-economic conditions, Majid Al Futtaim continues to make progress with its expansion plans,” it said earlier.
The Nairobi stores are located at various malls including Garden City, Two Rivers, Southfield Mall, TRM, Sarit, Nairobi Mega Mall, Village Market, Next Gen Mall and Galleria Mall.