After the exit of Shoprite from the Waterfront Mall in Karen Naivas Supermarket is in line to be its anchor tenant.
This will mean Naivas will be setting up its 66th store which will occupy an impressive 3,500 square metres at WaterFront Mall’s Ground Floor area.
Naivas revealed that the new outlet will create 120 jobs directly and twice that number via third party partners.
The Director of WaterFront Mall Karen; David Muguku, praised the news stating that it goes in line with the mall’s objective to strategically improve variety for shoppers.
The Chief Commercial Officer of Naivas; Willy Kimani made it known that the store will open in the middle of October 2020.
Just two years after launching, Shoprite; South Africa’s Supermarket giant, has left Kenya. It announced its decision earlier on in September of 2020, that it will be leaving Kenya completely by December of the same year.
The Supermarket has also in recent times, battled tough competition from franchises like Naivas, Quickmart, and Carrefour, which have been expanding almost nonstop.
Shoprite’s financial statements for the year which ended in June of 2020, showed that it had acquired an unsecured loan of 1.5 billion from Stanbic Bank.
The loan came with an interest rate of 9.7 percent and payable in 21 months.
Shoprite said its decision to close its WaterFront Mall branch was as a result of the underwhelming performance of its Kenyan franchise.
It’s Mombasa branch has also been closed, leaving its Garden City and Westgate Mall branches, which will also be closed by December 2020.
Are there any other topics, news or categories that you would like us to write on? Feel free to reach out to Mpesa Pay in the comment section.
