Private equity firms develop appetite for retailers as global brands exit markets
Shoppers at Naivas Supermarket Kimathi Street Branch, Nairobi on December 24, 2022. Emerging supermarkets such as Naivas have risen to fill up the space left by the fallen giants like Nakumatt, Tuskys and Uchumi. PHOTO | FRANCIS NDERITU | NMG
Kenya’s retail sector is becoming a fertile ground for private equity (PE) firms if the recent appetite for the takeover of family-owned supermarket chains is anything to go by.
This follows the exit of major international brands such as Shoprite, Choppies and Massmart and the collapse of giant regional retailers Nakumatt, Tuskys and Uchumi, largely due to failed expansion plans and bad corporate governance.
