Tusker Mattresses plans to open 100 new branches in the next three years,up from the 64 stores in operation in both Kenya and Uganda.
Speaking during its first CEO Gala Dinner on Saturday held at a Nairobi hotel, Group CEO, Dan Githua said the firm's growth strategy which will be anchored on partnerships, technology and innovation will cost the retailer at least Sh3 billion.
Githua said that the firm has revamped its corporate strategy to accelerate growth and will rely heavily on enhanced supplier partnerships, human resource development initiatives and extensive information technology adoption to guarantee a superior customer experience while cutting down operating costs including loss control.
“These partnerships will include joint investments in automated solutions with suppliers to cut shrinkage rates from five per cent to less than one per cent given that loss control is a key problem dogging the retail sector today,” said Githua.
“We shall not be depressed by local or international competitor activity because we know we can do better as we maintain world-class standards,”said Githuthe firm's growth strategy which will be anchored on partnerships, technology and innovation will cost the retailer at least Sh3 billion. To enhance supplier relations, Tuskys is finalising plans to expand its Sh3 billion supply chain finance facility to provide coverage to all its suppliers next year. The facility, to be expanded to about Sh 4.5 billion is underwritten by KCB and DTB Bank Kenya which currently covers 40 per cent of the firm’ suppliers.
“The calls for prompt payment have been loud and clear and we shall strive to ensure that we do not erode value for this business,” he said and assured that, “We shall also re-dedicate ourselves to proper corporate governance standards to enable us meet stakeholder expectations.”
