Naivas takes over Nakumatt's space on Moi Avenue
What you need to know:
- Workers from Dominion Signs Limited were spotted on Thursday changing signage at the Moi Avenue outlet to Naivas ahead of official opening of the new branch early next week.
- Naivas, which has been angling for Nakumatt’s prime located spaces across Nairobi, last Saturday took over the financially-strapped rival space in middle class estate South-C.
- The Moi Avenue takeover brings Naivas’ new store openings this year to seven.
Naivas has taken over Nakumatt’s space along Moi Avenue, marking a near exit from the central business district for the struggling retailer.
The Moi Avenue branch was the second last branch Nakumatt held in the city centre and it’s closure now leaves only one outlet at City Hall open for business.
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Workers from Dominion Signs Limited were spotted on Thursday changing signage at the Moi Avenue outlet to Naivas ahead of official opening of the new branch in coming weeks.
Naivas, which has been angling for Nakumatt’s prime located spaces across Nairobi, last Saturday took over the financially-strapped rival space in middle-class estate South-C.
Seven branches
The Moi Avenue takeover brings Naivas’ new store openings this year to seven in and expansion that bucks the trend in the country’s financially strained retail sector.
Naivas, which is family-owned like its local rivals Nakumatt and Tuskys, lost its bid to take over Nakumatt’s space at Thika Road Mall (TRM) to Dubai-owned Carrefour supermarkets.
Nakumatt, which was at one time the largest retailer in Kenya with regional presences in Uganda and Tanzania, has had its financial fortune dwindle in the last two years as debt to its suppliers accumulated to over Sh30 billion, court documents showed.
It owes its landlords more than Sh600 million in rent arrears, something that has seen it thrown out of at least 17 locations.
