KENYA – Nakumatt Holdings plans to open 14 new branches in the next two years as part of a plan to become a billion dollar retail giant, a senior director says.
The firm also plans to step up efforts to scale up its regional market share.
According to Regional Strategy and Operations Director Thiagarajan Ramamurthy, the retailer is embarking on a programme to grow gross revenues to over $1 billion (Sh90 billion) “in the medium term”.
“We are looking for wholesome growth and will not be deterred by new entrants into the local market,” Mr Ramamurthy said.
In the year ended February 2013, Nakumatt’s total sales hit a record Sh56.5 billion, nearly twice the Sh29.5 billion posted just two years earlier. Much of this growth was aided by rapid geographical expansion.
Sales took a hit during the period ending February 2014, however, dipping to Sh52 billion.
Currently, Nakumatt has a regional branch network of 52 outlets across Kenya, Uganda, Tanzania and Rwanda, and is leading a sector-wide expansion race.
Mr Ramamurthy confirmed that plans for 14 new branches are at an advanced stage.
He added that store refurbishment works being piloted at Nakumatt Village Hypermarket would be rolled out to other branches as part of a plan to improve the customer experience.