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Nakumatt Mega To Re-open Fully In Two Weeks Time

[IMAGE/ COURTESY]

Nakumatt has announced re-opening of Nakumatt Mega branch on Uhuru Highway.

The retailer exited the space in September, and the space taken Ivory Lifestyle clothing store.

Nakumatt Mega branch will be the retailer’s seventh branch operating and second to be re-opened after Highridge branch. Other branches in operation include Prestige, Lavington, Embakasi, Mega City (Kisumu) and Nakuru.

“Nakumatt is back at the same spot where it defined its growth trajectory more than two decades ago. This time round, the firm is committed to reclaiming its place in the local retail sector; albeit cautiously,” he said on Saturday.

The store has taken up 4,000 square feet and is set to fully open in two weeks.

During the closure of the branch in September, Kadhi said that the closure of the branch would not have “no much (impact on recovery plans) since the branch would be replaced with a new one”.

The branch was one of the most profitable for the retailer, posting revenues of Ksh12.7 billion in the three years to February 2017 according to recent audit report by Mr Kahi.

Mid this year,Nakumatt Holdings CEO Atul Shah said the firm is collaborating with the Court Appointed Administrator Peter Kahi to recalibrate the business through the remaining seven branches.

Read: Kwesé Aborts Kenyan Exit Plan, Launches Video-on-demand Streaming Service

“At all the seven Nakumatt BounceBack branches, customers can enjoy a refreshed Nakumatt experience with a wide variety of shopping items. We have also rolled out special offers on more than 25,000 items to provide added value for our loyal shoppers,” said Shah in June.

The embattled retailer is reeling under a Ksh30 billion debt owed to its suppliers, landlords and lenders.

The branches closed so far include Bamburi branch in Mombasa, the Lunga Lunga outlet in Nairobi’s Industrial Area, NextGen (along Mombasa Road, Thika Road Mall (Thika Road), Galeria Mall, City Hall, Village Market and Nakumatt Moi Avenue.

Some of the prime spaces left by the retailer have been taken up by its competitors, writing off plans to revive them.

It also suffered a blow after it Ukay branch was demolished on grounds that it was built on riparian land. The retailer lost millions in assets in the demolition.

However, it was a relief for Nakumatt when CIC wrote off a Ksh60 debt owed after investing in short-term commercial papers offered by the retailer.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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