Global chain store Panda Mart has officially opened its doors in Kenya, offering a wide range of products to shoppers.
Located within Nairobi’s expansive Garden City Mall, the 3,900-square-meter store provides a convenient and easily accessible location for customers to explore and find everything they need in one place.
The space was previously occupied by Shoprite and Game before they closed shop.
“We are excited to be in Kenya,” said Mr. Lee Jinglin from Panda Mart. “Kenya is the largest economy in East Africa and Central Africa and is well positioned economically. As Panda Mart, we are committed to becoming a cornerstone of retail excellence across the country, bringing together an extensive selection of products under one roof.”
Expanding Retail Landscape
The opening of the retailer comes at a time when Kenya’s retail sector is experiencing an expansion across the board. The store’s diverse product range and convenient location are expected to contribute to this growth.
“We are excited to have Panda Mart with us,” said Keren Tito from Garden City Mall. “The key to Garden City Mall’s success lies in offering a comprehensive, multi-faceted experience that caters to evolving consumer preferences.”
According to Cytonn Investments’ Kenya Retail Report 2023, the sector improved overall in 2023, with a 0.7% point increase in the average rental yield to 7.5%, up from 6.8% in 2022.
The average rent per SQFT also rose by 7.1% to Kshs 130, compared to Kshs 122 in 2022. Additionally, the average occupancy rate grew by 2.1% points to 79.4%, from 77.3% in 2022. The Nairobi Metropolitan Area was the best-performing region, with an average rental yield of 8.2% in 2023.
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