Kenya’s largest retailer by branches, Naivas, is expanding in Thika, taking up space at Ananas mall in Thika vacated by cash strapped Tuskys.
The retailer will start the operations Friday as the new anchor tenant in the space that was previously operated by Tuskys situated on Garissa Road.
— Naivas Supermarket (@naivas_kenya) November 25, 2020
In the week, the retailer took up the space that was initially occupied by Nakumatt Holdings at Hazina Towers.
Other former Nakumatt outlets that have been taken up by Naivas include Prestige Plaza on Ngong road, Moi Avenue branch, Mega-City mall in Kisumu as well as Likoni and Bamburi branches in Mombasa.
In January, Naivas acquired Nakumatt Holdings, East Africa’s once biggest supermarket chain, for KSh422 million.
Naivas also recently opened at Waterfront Mall in Karen, taking over the space that troubled South African retailer Shoprite occupied.
Thika which is within the Kiambu County of Mt. Kenya region was ranked by Cytonn Investments as the best performing region, with average yields of 7.7% and rental rates of Kshs 125.0 per SQFT.
“The region accounts for 4.6% retail market share and its performance was mainly attributable to the low supply of malls in the region,” said Cytonn.
“The outlook for the sector is neutral and we expect to witness reduced development activity in Nairobi, with developer shifting to county headquarters in some markets such as Kiambu and Mt. Kenya that have retail space demand of 0.6 mn and 0.7 mn SQFT, respectively.”