Troubled regional retailer Nakumatt Holdings has been dealt a major blow by a Botswana retail store.
Nakumatt's multi-million deal cancelled
More woes for troubled supermarket chain.
This is after the cash-strapped supermarket lost a deal to become the anchor tenant of upcoming Kiambu mall paving way for Botswana retailer Choppies to take up space that was previously allocated to them.
Choppies, which made its entry in Kenya by taking over in early 2016, will become the main tenant as well as be the first of the five big retailers to open shop in the mall.
The Director of the firm behind the mall’s construction stated that they were aware of Nakumatt’s financial woes and agreed to cancel the agreement in favor of the Botswana retailer.
“Nakumatt is reorganizing its business and I requested them to cancel our agreement in favor of Choppies who will now be our anchor tenant,” said the Director.
Vijay Kumar, Choppies East Africa’s executive director, said the upcoming Kiambu store is part of the retailer’s expansion plan which will see the business open 40 new stores over five years.
Choppies has a presence in eight African countries as well as 10 stores in Kenya having taken over the latest Ukwala chain store last week.
It also plans on opening five outlets at Diamond Plaza (Parklands), Signature Mall (Molo), Spur Mall (Ruiru) and another one in Diani by the end of this year and three more by mid-2018.
Kiambu Mall, whose other tenants include Java, Nairobi Hospital, Ashleys, Vivo, and Commercial Bank of Africa, will open late in August.
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