Firm's plan comeback after losing branches at Westgate

These were the words Mr Atul Shah, the managing director of Nakumatt Holdings, which was one of the many multi-million businesses affected by the Westgate terrorist attack last weekend. Photo/WILLIAM OERI

In Summary
Its demolition, as well as closure of the nearby Ukay branch for a week, means the company incurred a big loss both in revenues and property destruction.

 By CHARLES WOKABI
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We shall rise again!” These were the words Mr Atul Shah, the managing director of Nakumatt Holdings, which was one of the many multi-million businesses affected by the Westgate terrorist attack last weekend.

His words signal the start of a healing process for the business community that suffered major setbacks as a result of the terror ordeal that cost the country over 60 lives and injured scores more.

According to the company, Nakumatt Westgate, which went down with part of the building following four days of gunfight and heavy explosions, was among its busiest outlets, contributing between nine and 10 per cent of the retail chain’s Kenyan revenues.

Insurers are preparing to pay Sh6.4 billion in compensation for the building.

Its demolition, as well as closure of the nearby Ukay branch for a week, means the company incurred a big loss both in revenues and property destruction.

Announcing the re-opening of Nakumatt Ukay yesterday, Mr Shah said returning to normal operations would boost the on-going national healing efforts.

“This was a cowardly terrorist attack that can only serve to inspire and re-energise all entrepreneurs to rebuild their businesses to greater heights. We cannot afford to allow illwill to prevail.

The Kenyan economy will withstand the shock and swiftly rebound. We have already embarked on a recovery process and have reopened our 24-hour Ukay branch,” he said.

Deacons Kenya, which operated four stores at the Westgate Mall — Mr Price Home, Identity, Woolworths and Adidas — said the company’s directors would deliberate on a comeback after getting directions on how structurally sound the building is.

“The directors shall sit and map out the way forward,” managing director Muchiri Gitonga said.

“The four stores accounted for 15-20 per cent of our Kenyan business and, therefore, this is a big blow for us,” said Mr Muchiri.

Safaricom, which operated one of its busiest stores in the country from the mall, said it was enforcing its outlet at Sarit centre to take care of the Westgate customer traffic.

“Commercially we are okay,” corporate affairs director Nzioka Waita said, adding that the company is focusing on counselling employees who worked at Westgate.

Treasury Cabinet secretary Henry Rotich encouraged businesses to resume normal operations, saying the country’s economic growth objective for 2013 remained undeterred at 5.5 to 6 per cent.

“We are not changing our plan to issue a debut Sovereign Bond in the international market this financial year,” Mr Rotich said.