Retail chain Tuskys has taken over shop space vacated by troubled Nakumatt Holdings in Kisii and Kisumu, growing its branch network to 64 stores. Tuskys has revamped the combined space of 40,000 square feet at a cost of Sh240 million and says that the new outlets will provide a range of benefits to the Nyanza region, including employment and supply opportunities.
Tuskys Lolwe Supermarket at Mega Plaza in Kisumu is also an addition to the United branch located at United Mall.
The retailer is also set to unveil the upgraded Thigiri branch in Spring Valley targeting premium market later in the month.
The outlet will provide a wider variety of products and services. Tuskys’ network consists of 57 branches in Kenya and seven in Uganda.
“At Tusker Mattresses, we remain committed to deepening the formal retail market in East Africa and will continue to invest heavily in customer experience and variety of products on our shelves to mee dynamic market needs,” said Tuskys chief executive officer Dan Githua.
“The opening of Kisii and Kisumu branches provides us with a good opportunity to enhance our footprint and economic contribution in the fast growing Nyanza region.”
Mr Githua also clarified that Tuskys has taken over the space from the landlord after Nakumatt relinquished it.
Tuskys is set to acquire a stake in Nakumatt in what is meant to give a lifeline to the retail chain which has recently closed several outlets after being hit by cash flow hiccups.
Tuskys has offered to inject Sh650 million into the troubled retail chain and recurring payment guarantees of between Sh1.5 billion and Sh3 billion for the outstanding debt. The offer is subject to approval by the Competition Authority of Kenya.
Adapted from Business Daily