Carrefour Kenya annual sales grow 71% to US$137.71m amid expansion plans

KENYA – Carrefour, a French multinational retailer, reported remarkable performance in its Kenyan business after growing its annual sales 71%  to US$137.71m during its 2018 financial year.

Majid Al Futtaim, the exclusive holder of Carrefour’s franchise in Kenya, highlighted that the performance was part of the group’s footprint expansion considering that its 2017 sales only amounted to US$80.52 million.

Majid Al Futtaim made public the group’s Kenya annual sales in a newly-released financial report that also puts its local assets as of December 2018 at US$42.69 million, up from US$30.78 million in December 2017, reports Business Daily.

Currently, Carrefour has six stores in Kenya as well as an entertainment unit and has embarked on an aggressive expansion strategy taking over spaces previously occupied by struggling supermarket chains in the country.

Last year, the retailer opened its latest store at the prime Junction Mall, which was previously occupied by struggling retailer Nakumatt rising its outlets count six.

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 also runs branches at the Hub in Karen, Village Market, Two Rivers Mall, Thika Road Mall (TRM) and at Sarit Centre mall in Westlands and has unveiled plans of opening new spaces this year.

Carrefour is set to open a seventh store taking up the Nakumatt Mega space which the Kenyan retailer vacated in September 2018.

As part of its expansion strategy, Carrefour embarked on refurbishment of its Village Market, Junction and Thika Road Mall (TRM) stores which has subsequently seen the previously operated mini-marts increase their space and products count.

Both multinational and local retailers have been seen to increase their investments in Kenya by the struggle of two local retailers, Uchumi and Nakumatt, which has been stiffening competition.

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 listed retailer, Choppies, has also increased its outlets to 12 outlets in Kenya after it bought out Ukwala supermarkets.

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