Naivas, Kenya’s largest retailer, on Wednesday announced an expansion of its retail network by adding one more branch, taking its total count to 76 in the country.
As part of its expansion, Naivas has entered Naivas Juja City Mall taking up 37,000 SQFT of prime retail space that was previously occupied by Tuskys Supermarket.
Naivas Supermarket aims to increase its footprint in the Kenyan retail market amid competition from international retailer Carrefour which has opened 5 outlets in 2021, and local retailer QuickMart which has opened 4 outlets this year.
“We are so excited about today’s grand opening of Naivas Juja City Mall! More excited about the offers that await you! the retailer announced.
The people of Juja can now 💃🏿dance joyfully because Naivas Juja City Mall is now 🎉officially open! Come through & enjoy exclusive CRAZY offers🛒 on all your favourite household items! #JujaMamboTick ✓ pic.twitter.com/fdgJl4Cqqo
— Naivas Supermarket (@naivas_kenya) September 21, 2021
In 2020, malls along Thika road recorded declines in the rental yields by 1.3% point from 7.5% in the previous year to 6.2% according to Cytonn Investments report.
In addition, the rental rates also declined. attributed to declines in rental rates by 3.3% from Kshs 165.4 per SQFT in 2019 Kshs160.1 Per SQFT, on the other hand, the occupancies also declined by 4.5% points from 73.5% in 2019 to 69.0%.
According to Cytonn Investments Kenya Retail Report 2021, the average rent/SQFT for Thika Road is Kshs 158.0 which is 6.0% lower than the market average of Kshs 168.0 implying affordability, hence the basis for investing along the area.