Corporate News
A Naivas Supermarket branch in Nairobi. The outlet had been funded at a cost of Sh95 million. PHOTO | FILE
By SIMON CIURI
In Summary
- The family-owned retail chain said on Wednesday that it had sealed the deal with unspecified investors from the area.
Naivas Supermarkets has sold its Garissa outlet three
months after it was closed down due to insecurity fears after a terror
attack in the northern Kenya town.
The family-owned retail chain said on Wednesday that it had sealed the deal with unspecified investors from the area.
Naivas did not, however, disclose financial details of the transaction citing buyer-seller confidentiality.
“We have found a serious buyer who will push our
brand in the area and we have already closed the transaction,” said the
Naivas business development and marketing manager Willy Kimani in an
interview.
The Garissa outlet was opened in July last year
with a target of making inroads in areas where the retailer’s major
rivals such as Nakumatt, Uchumi and Tuskys have not set up shop.
No other big retailers operated in the area but the
April Garissa University attack by Al-shabab militia which left 148
dead forced the retailer to shut down citing security fears for its
staff.
The outlet had been funded at a cost of Sh95 million.
Naivas exit from Northern Kenya strains its
expansion strategy given it had announced plans to set up three
additional branches in the neighbouring towns, among them Wajir, Isiolo
and Mandera.
The branches were expected to employ 240 staff, with a capital injection of Sh270 million.
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