18 March, 2010
Nakumatt Chain Store Buys Woolmatt Supermarket
The Supermarkets seems to be now targeting the middle and low income earners after realizing that this segment of the consumer market is the driving force behind the exponential growth of Supermarkets such as Ukwala, Tusky's Naivas etc.
Nakumatt purchased three of Woolmatt's stores in circumstances reminiscent of a hostile takeover in a business sense. The buy out has been placed at approximately 400 million Kenya Shillings($5.21 million).In keeping up to its reputation ,the supermarket sold off Woolmatt's stocks at items at a 25 % discount price indicating that the supermarket is intent in keeping its mantra of providing the best services,the widest variety and quality goods.The stores on Nairobi's Moi Avenue,Haile Selassie and Mama Ngina Street have been jam packed by frugal Kenyans aiming at maximizing returns on the discounted prices.The three stores will be refurbished to the chains store's standard before the grand opening slotted for latter this year presumably in May 2010.
I believe the purchase of the chain store by Nakumatt bids good tidings of good things ahead for the middle and low income earners in Kenya who are the vast majority of the populace. Kudos Nakumatt!