Quickmart Supermarket has opened a 24-hour store in Thome, along the Northern Bypass road, bringing the retailer’s number of operating outlets countrywide to 56.
The retailer’s expansion is influenced by the desire to cater to the convenience preferences of shoppers within the residential locality.
In addition, its aggressive expansion drive to promote the Quickmart brand as a household name among customers, thereby increasing its competitiveness against other retailers such as Naivas and Carrefour .
“This comes at a time where the formal retail penetration in Kenya is low, standing at 30.0% in 2018, coupled with gaps left by other retailers such as Nakumatt and Uchumi Supermarkets that exited the market,” says Cytonn Investments.
Cytonn expects the performance of the Kenyan retail sector to be supported by the ongoing expansion drive by both local and international retailers as they compete for dominance in the market.
“However, the fast-paced growth of e-commerce, and the oversupply of retail space, standing at approximately 3.0 mn SQFT in the NMA retail sector and 1.7 mn SQFT in the non-NMA regions, will continue to hinder the optimum performance of the retail sector.”
