Kenya: Nakumatt Sets Sight on African Coverage
Staff Writer
NAIROBI--Regional retailer, Nakumatt Holdings, has set its corporate expansion sight towards a continental coverage as it embarks on its second growth phase.
Ahead of its scheduled Tanzania branch opening in coming weeks, Nakumatt Holdings has confirmed plans to enter other key markets within the Southern Africa, Western and Horn of Africa regions as part of its next growth phase in the next five years.
As part of Nakumatt’s expansion, plans are already underway to open its first store in Tanzania to be located in Moshi town.
Speaking during a corporate dinner hosted for its business partners, Nakumatt Holdings Managing Director Mr. Atul Shah disclosed that the firm has embarked on its second growth phase in a project code named Nakumatt 2.0 that will focus on continental expansion.
While updating the hundreds of partners at Nakumatt Head office, Shah further disclosed that Nakumatt Holdings has this year achieved a 15 per cent organic growth and 25 per cent overall growth over last year. Going by the current growth rate, Shah expressed optimism that the firm will be closing the year with a projected Kshs 40Billion turnover.
“Through a project code named Nakumatt 2.0, we have now embarked on a feasibility study to facilitate our entry to such countries as Burundi, Zambia, South Sudan, DRC, Nigeria, Botswana and Malawi,” Shah explained.
And added: “this year will also be marked by our return to the Nakumatt birth town of Nakuru where we shall be opening our 35th store in November.”
During the occasion, Shah expressed gratitude to the firm’s business partners who had continued to lend a helping hand particularly what he described as the recent; eventful few years filled with many challenges and opportunities.
While singling out the support received from four local leading banks, Shah explained that Nakumatt’s much publicized efforts to bring on board a strategic partner were also shelved and in its place a consortium of the banks brought on board.
“The much publicized efforts to bring on board a strategic partner were also shelved and in its place a consortium of four local banks namely - Standard Chartered, Diamond Trust, Bank of Africa and KCB came on board to support Nakumatt’s growth and vision,” Shah explained.
As a goodwill and gratitude gesture and to raise further capital to drive the retailer’s growth, Nakumatt Holdings, Shah, said will also be seeking to share its success with its staff, customers and suppliers by listing at the regional stock exchanges in coming years.
“As esteemed partners and suppliers, we shall most definitely be counting on your support as we also seek to share the Nakumatt cake by listing at the regional stock exchanges in due course,” Shah explained.
And added: “In the meantime, we are considering and exploring the support of potential equity investors to participate in our second growth phase.”
In the East African region, Nakumatt Holdings now features 33 fast growing retail stores and has managed to grow its human resource base to a count of 5,500 people.