Kenyan retailer Uchumi plans 12 new stores in East Africa region this year - CNBC Africa

Kenyan retailer Uchumi plans 12 new stores in East Africa region this year

East Africa

by Reuters 0

Consumer demand is a motor of Africa’s economic and investment surge.

This is in order to capture the growing number of middle class spenders in the region, its chief executive officer said on Friday.

Consumer demand is a motor of Africa’s economic and investment surge, and analysts see middle-class buyers with swelling disposable income as fuelling this boom across the fast-growing region.

The retailer, which currently operates 37 stores in Kenya, Uganda and Tanzania, raised 895 million shillings through a cash call last month to boost its working capital and to support expansion.

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Uchumi will open five new branches in Kenya, one in Uganda and six in Tanzania by December, CEO Jonathan Ciano said, adding that the penetration of retail in the region was still very low.

“Retail is a very underdeveloped sector in the East African region,” he said.

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