Kenya’s family-owned Marketways Supermarket has shut down, citing “unforeseen circumstances beyond their control,” after 56 years of operation.
“Yes, we closed two weeks ago (May),” one of the staff confirmed to Khusoko without citing any reasons for the shutdown.
The privately-owned enterprise operating one retail supermarket located at Valley Arcade, Gitanga Road, informed users that:
“We have made the difficult decision to close down due to unforeseen circumstances beyond our control. We want to express our deepest gratitude to you for having supported us throughout the years.”
“As we prepare to close our doors, we want to assure you that we are committed to making the transition as smooth as possible. We will be working diligently to fulfill any outstanding orders, resolve all queries, and settle any outstanding payments.”
Valley Arcade/ Kileleshwa/ Kilimani OLD folk will be sad to see this. Marketways Supermarket closing down after 56 years. pic.twitter.com/vYalN7knWO
— Al Kags (@alkags) April 7, 2023
Shoppers are sentimental
Sad to see Marketways go. Big players moved in but before that I was surprised they survived COVID lockdowns. Midways butchery adapted to digital orders quickly. Valley Grocers tried different promotions. Marketways seemed reluctant/unable to adapt. Hope they land on their feet.
— Daudi Were (@dkwere) April 7, 2023
One of the remaining small supermarkets who genuinely cared about their clients. Will miss Geeta, Kanta, Peter, Ben etc. Still very sad, such an amazing supermarket. Sad!
— Catherine Nyaki Adeya (@CatherineNyaki) April 7, 2023
The original mom and pop stores which had personalised service and a known customer base. Such an ellagant exit in an era of impersonal interactions
— The Architect (@BluemoonArch) April 7, 2023
Retail in Kilimani Area
In 2022, neighbourhood malls recorded the lowest average rental yield at 6.4%, against the market average of 7.8%, mainly attributed to the lower rental rates averaging Kshs 148 per SQFT.
This is compared to the market average of Ksh 173 per SQFT, coupled with the low average occupancy rate, which came in at 69.9% against the market average of 75.9% in 2022.
According to Cytonn Investments, the Nairobi Metropolitan Area (NMA) retail sector has a mall space supply of 8.2 million square feet with a 10-year CAGR of 11.7%.
Cytonn projects that by the end of 2023, the retail space supply will have grown to over 8.2 million SQFT.
“Completion of Britam Mall, which will add approximately 140,000 SQFT of mall space, is expected to increase the market share of the Kilimani area to 9.4% from 8.0%.”
