By Jevans Nyabiage
Last week, Massmart top executive revealed that the retailer, which is 51 per cent owned by world largest retailer WalMart is sealing a deal to enter Kenya, in collaboration with the real estate developer, Actis.
A top manager at Actis confirmed reports that the firm is in advanced talks with Massmart to enter the local market through Game stores, a line of discount general merchandise stores.
Last week, Massmart said it is in talks to open its first store in Kenya, what could be its latest step to expand since Wal-Mart Stores bought a majority stake in the business for $2.4 billion .
The buyout served as an entry point for WalMart to access southern Africa and the rest of the continent without having to approach each country individually.
But Massmart did not give a timeline for the store opening in Kenya.
“We are unable to discuss timelines or investment commitment until we have finalised our discussions with Actis,” Brian Leroni, a Massmart executive for corporate affairs said when contacted by Business Weekly.
Last year, the combined WalMart-Massmart entity said it was planning “significant new store openings” and aims to increase its food business by more than 50 per cent in the next five years.