CONTACTS: +254 726879488 (Mobile)
+254770 455 116 (Office)
Turkish-based global fashion retail company LC Waikiki has opened a store in Nairobi’s Two Rivers Mall to drive brand expansion into the Sub Saharan Africa.
The entry into the Kenyan market is seen as a step towards increasing its footprint in Africa, with the store in Nairobi being the main launch pad. LC Waikiki has a target to reach 1500 stores in all over the world by the end of 2023 from its current 750 stores.
“We are investing $1.5 million to open the 2000 square meters in Two Rivers Mall, with 30 employees. Kenya is very important to us, with a stable economy and we see this store opening as a gateway to grow our footprint in the country and the larger African market,” said LC Waikiki’s Country Manager, Kremena Pencheva.
The retailer is planning to open two more stores in the country and has begun scouting for strategic locations in Nairobi and Mombasa.
The local retail industry has seen other international brands such as Massmart Holding’s Game, Carrefour and Botswana’s Choppies open outlets in Kenya in response to a growing demand for quality international brands triggered by high consumer awareness and growing middle class.
The launch coincides with recently launched sector report that showed Kenya’s retail industry was in upswing and economists expect the good times to keep rolling for a few more years until supply catches up with demand.
The sector grew by 13 per cent last year according to 2016 Euromonitor report. Online purchases completed on a phone largely contributed to that growth, tripling within three years between 2014 and 2016 to Sh1.07 billion.
Procter and Gamble (P&G) Fast Moving Consumer Goods (FMCG) data released last week also shows that most supermarkets were moving into residential areas – and as a result offering convenience to consumers.
Retail sector has seen other international brands such as Game, Carrefour and Choppies open outlets in Kenya responding to growing demand for quality international brands.
Industry observers forecast the end of retail as we know it as. They predict retail will change more in the coming years than it has over the last five years. The extinction of brick-and-mortar stores isn’t far off, they said.
The way consumers make purchasing decisions has drastically changed since the emergence of smartphones. More consumers are using their mobile phones to compare prices, for product reviews and weighing in on shopping decisions via social media. When ready to buy, an ever-growing list of online retailers deliver products directly to them.