Chandarana Foodplus Supermarket has announced the expansion of its retail sales network by adding its store as the anchor tenant at the prestigious ultra-modern Golden Life Mall in Nakuru, taking its total count to 23 in the country.
Golden Life Mall Nakuru is situated along the main Nakuru-Eldoret Road within Nakuru Town, a project of the Egerton University Retirement Benefits Scheme.
Chandarana Foodplus will occupy the mall’s retail centre which has three levels -Lower Ground floor (39,954 sq.ft), Upper Ground floor (40,891 sq.ft) and First Floor (38,681 sq.ft).
Chandarana Foodplus is an independent chain of supermarkets locally owned, located in convenient locations in Nairobi, Kisumu, Eldoret, Nanyuki and Mombasa.
Cytonn Investments notes that Nakuru together with Nairobi and Kisumu are the most oversupplied areas by 3.1 mn, 0.3 mn and 0.2 mn SQFT of space, respectively while areas such as Mt Kenya are undersupplied by 0.7 mn SQFT in their 2021 retail sector report.
“Performance of cities such as Nairobi, Kisumu, Uasin Gishu and Nakuru continues to be affected by the slow absorption rates of the retail spaces due to the existing demand that doesn’t match the higher supply, that is also expected to increase with the additional spaces such as the Imaara mall along Mombasa road, Britam Mall in Kilimani, and the Beacon Mall in Nairobi Central Business District,” they note.
Retail Space Opportunity 2021
|Region/Weight||Retail Yield Score||Retail Space Score||Household expenditure (per adult) score|
Source: Cytonn Research
Cytonn Investment’s retail market performance in key urban cities in Kenya ranked Nakuru last with the average rental yields at 6.1%, 0.7% lower than the market average of 6.8% in 2021. However, this is was a 0.2% increase compared to the 5.9% realized in 2020, due to the increased rental rates to Kshs 59 per SQFT from Kshs 58 per SQFT in 2020.