Leading local Supermarket chain, Naivas is eyeing to become a one-billion-dollar local retail company.
This is after the company stepped up its investments with plans to open 3 new stores in the next 2 months.
An International Finance Corporation (IFC) consortium in 2020 valued Naivas at Sh20 billion and the retailer’s worth has increased amidst its aggressive expansion across the country since then.
The renewed expansion drive comes after Proparco, a French sovereign wealth fund, acquired a Sh3.7 billion stake in Naivas as part of a syndicate eyeing 40 per cent of Kenya’s fastest growing retailer.
Willy Kimani the Chief Commercial Officer at Naivas says that the focus will be on venturing on the areas that have previously not been served by the supermarket.
“This is in line with the new strategy of where we need to be. We will be opening up in Meru in the next 2 weeks we have not been in the region, another branch is set to be opened at the Ojijo Road junction and two weeks later we will be at Elgon View in Eldoret,” said Kimani.
The expansion is coming hot on the heels of successful branches opened at Imara, Kathiani, Kiambu, Naivasha and Mombasa road.
The retailer closed the financial year ending June with a gross turnover of Sh101 billion ($860 million) with an ambition of raising it to Sh117 billion ($1 billion) this financial year.
With 84 outlets in 20 cities and towns across Kenya, the retailer says it has put modern grocery retail within everyone’s reach.
Kimani was speaking during the re-opening of the Embakasi Nyayo branch that began operations in December last year.
“Naivas has basically brought some life in these parts of Embakasi and creating a hub around here, launched in 2021, Naivas Nyayo, is a strategic store on how to re-do and re-purpose the electronic open and a refreshed category for customers to shop and buy electronics,” he added.
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