Chain retailer Naivas Supermarket is set to open three new branches before the end of the year, a move set to dwarf other chain retailers in the market.
The move will see the retailer hit a record high of 91 branches, becoming the biggest retailer in the country in terms of branch network.
Naivas Foodmarket Ojijo in Parklands will open today, December 9, followed by Naivas Nairobi West (December 10) and Naivas Express Uthiru(December 15).
“This new development was motivated by the need to offer convenience to our shoppers by offering them a world-class shopping experience at their doorstep. We have not had a presence in all these three places and we are elated to be welcoming more communities into Team Naivas,” said Willy Kimani, Naivas Chief Commercial Officer.
The expansion spree comes months after a 40% stake in the supermarket chain was sold to a consortium led by Mauritian conglomerate IBL group for ($151.97) million (Ksh18.5 billion). The combined stake was sold by the family of Peter Mukuha Kago –who founded Naivas – as well as other shareholders who include the International Finance Corporation (IFC), German fund DEG, and PE firms Amethis and MCB Equity Fund.
It has emerged that the Mukuha family sold an 8.5% stake to the consortium for an estimated $32.29 million (Ksh3.8 billion). The transaction values Naivas at Ksh45.6 billion. The institutional investors in June disclosed that they would exit their positions in the supermarket chain with the sale to the IBL-led consortium.