Retail sector emerges as key to growth

By Standard Reporter

NAIROBI, KENYA: Regional retailer  Nakumatt Holdings has expressed renewed optimism for the country’s growth prospects following the release of the Economic Survey 2013.

 The report, released last week by  Devolution and Planning Cabinet Secretary Anne Waiguru, placed the wholesale and retail sector as the second-most important economic driver.

Traditional economic drivers such as agricultural manufacturing, construction, transport and tourism sectors have in recent years continued to register depressed growth against new-generation frontrunners such as financial intermediation and wholesale and retail sectors.

SEE ALSO :Nakumatt creditors’ meeting aborts

According to the report, the wholesale and retail sector posted 6.4 per cent growth last year, just behind the financial intermediation sector that registered a 6.5 per cent increase.

Marginal drop

While describing the growth in the wholesale and retail sector growth as “notable”, Waiguru said the economy’s overall 4.6 per cent growth had been supported by a stable macroeconomic environment, increased domestic demand and modest growth in credit.

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.

Speaking in Nairobi, Nakumatt Holdings Managing Director Atul Shah added that all indicators show the retail sector will perform even better this year. Among other efforts, he said, property developers are making retail-related investments that will significantly support the sector’s growth.

“At our corporate level, we shall be investing close to Sh1.4 billion in retail network development, particularly at the county level, to support economic devolution and to spur development and job creation.”

SEE ALSO :Deacons sues landlords, seeks Sh343 million in compensation

Shah also called for policy level recognition of the retail sector. He decried the Government’s slow pace in formulating a Retail Development Policy that would guide the sector’s growth at the national and county level.

Do not miss out on the latest news. Join the Standard Digital Telegram channel HERE.

Nakumatt retail economy