Souq Bazaar to take over Nakumatt's space at NextGen Mall

NextGen mall Photo:Courtesy

Souq Bazaar will replace Nakumatt at NextGen mall, joining the rush by foreign supermarkets filling the void left by struggling local retailers.

NextGen mall owner Navin Shah told Weekend Business that the retailer will be opening its doors next Saturday on a 20-year lease. “Souq will be coming in as the anchor tenant by next week,” he said.

Nakumatt and Uchumi have been shrinking leaving a gap in the market which is quickly being filled up by international retail chains. Nakumatt has been hounded off NextGen mall, Thika Road Mall (TRM), Ronald Ngala, Haille Sellasie, The Junction and may be evicted from Hazina Trade Centre opening up prime space for deep pocketed retailers to expand.

Local chains, however, are cautious of jumping on the opportunity since they are well aware that the expansion binge may have played a big role in sinking Nakumatt and Uchumi.

Naivas had expressed desire to replace Nakumatt at TRM but was beaten to it by French retailer Carrefour which will next month take over the space.

Carrefour, which entered the Kenyan market as an elite shopping experience with two stores at the Hub in Karen and Two Rivers Mall in the diplomatic blue zone at Gigiri, has come to the mass market changing tact to take advantage of the shrinking local retailers.

Botswana retailer, Choppies has also said it plans to expand to 22 branches across major towns to the tune of Sh2 billion. The retailer is scheduled to open a store at Kiambu Mall in December and where Choppies will be the anchor tenant a shift in strategy from smaller outlets to malls.