Quickmart Supermarket’s bullishness will not stop any time after expanding its branch network by opening a new outlet at Tuskys Mall (T-mall) located along Lang’ata road.
The retail space had previously been occupied by cash-strapped Tuskys Supermarket. This brings its total number of operational outlets to 51, having opened two other outlets in Kitengela and Machakos towns.
What better way to wrap up Pasaka with a new branch launch at T-Mall. Kama ulikosa keki don’t worry, this party don’t stop. There’s many more offers in store for you this weekend.#FreshandEasy#PamojaNawe#Quickmart53 pic.twitter.com/lkxTLyBjgs
— Quickmart Kenya (@QuickmartKenya) April 30, 2022
According to Cytonn Investments, the decision to open the outlet in Lang’ata is supported by;
“The need to step up (market) competition and market domination against retailers such as Naivas that has opened 4 outlets this year, while also having plans to open two more in Meru and Naivasha towns.”
The retail sector is expected to record improvement in performance, however, factors such as e-commerce driving down the need for retail spaces, and, the oversupply of retail space currently at 1.7 mn SQFT in Kenya and 3.0 mn SQFT in the Nairobi Metropolitan Area, continue to weigh down the overall performance of the sector.
In terms of performance, according to our Cytonn Q1’2022 Markets Review, the Nairobi Metropolitan Area (NMA) recorded a 0.1% points increase in the overall rental yields to 7.9% from the 7.8% that was recorded in FY’2021.
The occupancies increased as well by 0.5% points, to 77.2% in Q1’2022, from 76.7% in FY’2021, a sign of the sector realizing significant improvements.