Majid Al Futtaim made public its Kenya annual sales in a newly-released financial report that also puts its local assets as of December 2018 at Sh4.3 billion, up from Sh3.1 billion in December 2017.
One-time market leader Nakumatt, now under administration, and cash-strapped Uchumi, have shut majority of their branches across the country.
The gap left by the collapse of the two retailers has created a void in the sector that has local and international chains scrambling to fill.
French retail chain Carrefour recorded sales worth Sh13.87 billion from its Kenyan outlets last year, the company has disclosed in its annual report.
Majid Al Futtaim, the exclusive holder of Carrefour’s franchise in Kenya, announced the 71 percent jump in sales from Sh8.11 billion recorded in 2017 in an indication that its footprint expansion is paying off.
Carrefour has six stores in Kenya as well as an entertainment unit.
The retailer has been expanding its presence in Kenya taking over spaces previously occupied by struggling supermarket chains, including Nakumatt and Uchumi, as well as opening new spaces to cash in on the underserved market.
Carrefour last year opened its sixth store at the prime Junction Mall in the space previously occupied by struggling retailer Nakumatt. This added to its existing branches at the Hub in Karen, Village Market, Two Rivers Mall, Thika Road Mall (TRM) and at Sarit Centre mall in Westlands. The retailer is edging toward hitting turnover figures that the collapsing rivals reached in their heyday. Nakumatt in 2017 recorded a turnover of Sh52 billion, up from Sh51.5 billion the previous year and Sh45.8 billion in 2015.
Majid Al Futtaim made public its Kenya annual sales in a newly-released financial report that also puts its local assets as of December 2018 at Sh4.3 billion, up from Sh3.1 billion in December 2017.
Seventh store
Carrefour last week announced that it would open its seventh store before the end of the year after taking up the Nakumatt Mega space vacated by the latter in September 2018.
The French supermarket chain has finalised refurbishment at its stores located at Village Market, Junction and Thika Road Mall (TRM), which has seen the three stores previously operating as mini marts increase their products count.
One-time market leader Nakumatt, now under administration, and cash-strapped Uchumi, have shut majority of their branches across the country.
The gap left by the collapse of the two retailers has created a void in the sector that has local and international chains scrambling to fill.
The spirited entry into Kenya by multinational chain stores is stiffening competition, pitting new players against the local family-owned retailers.
Last month South Africa retailer, Shoprite opened its second outlet at Garden City with plans to open additional stores at Karen Waterfront Mall and Mombasa’s Nyali City later this year.
Botswana’s Choppies opened 12 outlets in Kenya after it bought out crumbling Ukwala. Tuskys has grown its network to 63 branches while Naivas has 45.
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