Troubled Nakumatt to Open Smaller Stores Along Uhuru Highway
Troubled retailer Nakumatt Holding is set to open a smaller outlet in November just next to the recently shut Mega branch along the Uhuru highway, as part of its new rescue plan.
The retailer closed the expansive shop after its lease agreement expired on September 30, following 26 years of tenancy at the property.
The closure dealt a blow to the retailer as it was the most profitable shop of all branches and that it had hoped would help it turn around the misfortunes.
“Nakumatt was already operating in that space prior to the administration and had given up the location, but with the lease at Mega having expired we have decided to move back there the same way we did for Highridge (after the closure of the Ukay branch),” said the retail chain’s administrator, Peter Kahi.
The closure of the Mega branch came just days after Nakumatt completely exited Mombasa following the closure of its Likoni branch and the upmarket Nyali City Mall, the latter having accumulated rent arrears of up to Sh27.8 million.
The retailer had in July tried to rescue itself by surrendering seven branches that included Karen Crossroads, Galleria, Garden City, Ridgeways, Kakamega, Eldoret Household and Cinemax in Mombasa.
It is now, however, in a mission to stand unshaken by establishing smaller outlets that will support the currently running outlets; Highridge, Lavingtone, Prestige, Embakasi, Kisumu, and Nakuru.
The troubles bedeviling the shop reflects an irony of once the largest regional supermarket. At its peak, Nakumatt established 64 stores in Kenya, Rwanda, and Uganda.
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