Local retail chain Naivas has revealed that there are no short term plans to list with the Nairobi Securities exchange despite hitting a record 100 stores in the country.
The retailer says that it’s still on the growth phase with two more store set to be opened before the close of the year.
Naivas Chief of Operations Peter Mukuha said that with the dynamics of the local retail sector, there are no plans to join the bourse.
“Listing we are not yet there we believe we currently we have able partners whom we are working with very well. Modern retail is only 30 percent of n retail you can only grow by organic or retail expansion of which we will continue to,” Mukuha told the Star.
The leading supermarket chain opened its 100th branch and announced plans for two additional units by the end of the year as it seeks to grow its market share.
Before the close of the year the 100th branch on King’ara Road in Nairobi, will be followed by two more, Mwanzi Road in the capital city and another one in Kakamega.
Kenyan retailers have defied the tough economic times and reduced shopping baskets to increase investments in retail branches.
This trend has been supported by a Research and Markets report that says new store openings, acquisitions and e-commerce drive will drive Kenya’s retail industry outlook to 2030.
The report says that strong mergers and acquisitions coupled with expansion of distribution channels will benefit the companies operating in the Kenya retail markets.
Despite the challenges in the retail sector, Naivas has continued to scale its operations each passing year.
Established in 1990, Naivas has grown to become the largest supermarket chain in the country with 100 stores and employing 10,000 people as of October 2023
The store has now seen the retailer open a 41-store gap between it and the second placed Quickmart.
Quickmart has 59 stores, making it the second biggest retailer in Kenya, while Carrefour, which entered the country seven years ago, has 20 outlets.
In recent years, Kenya's retail sector has been experiencing significant growth, driven by a growing middle class, urbanisation, and an increased use of technology.
Supermarket chains in Kenya that currently are in competition include Naivas, Quickmart, Chandarana, Carrefour and Khetia, which have also continued to expand.
Uchumi, Tuskys, Nakumatt, Shoprite, Game Stores, and Choppies shut down either through bankruptcy or exiting the market.
