QuickMart Supermarket plans to open a new store in Nyayo Estate, Embakasi, next month even as leading players ride through a rough patch.
The announcement comes after the retailer opened its 32nd store in Kilimani on Wednesday. Naivas Supermarket had unveiled its 64th outlet in the suburb, two months earlier.
Adenia Partners facilitated the expansion drive
Quickmart Supermarket which targets the middle-class said a strategic investor and private equity (PE) firm Adenia Partners facilitated the expansion drive. The PE firm bought a controlling stake in Tumaini Self Service Limited through its special purpose vehicle Sokoni Retail Kenya Limited in 2018.
“We have been able to scale our businesses and rapidly expanded from 24 stores at the time of the merger.”
“We still have the PE fund strategically into the business and also being part of shareholding entity allowing us to expand,” QuickMart Supermarket ‘s head of marketing Betty Wamaitha said.
The expansion by QuickMart comes as one of the top local retailers, Tuskys Supermarkets faces cash flow hitch that has sparked a dispute with suppliers due to unsettled debts.