[ad_1]
Quickmart Supermarket recently celebrated its 18th anniversary, marking a significant milestone in its growth amidst economic challenges, especially in the retail industry.
Deputy CEO and board member Jacques Dome highlighted the rapid rise of Quickmart, which was ranked 11th by FT/Statista in 2022 and is currently the second largest supermarket chain in Kenya, after Africa-focused private equity firm Adenia acquired the company and fueled its growth.
Since its inception in 2018, Quickmart opened just one store and has now expanded to 14 of Kenya’s 47 counties with 60 branches.
However, Quickmart’s History But it has not been all smooth sailing. Kenya’s supermarket industry has faced economic difficulties, which have been exacerbated by the outbreak of the coronavirus pandemic, which has led to the closure of several competitors and made the business environment difficult.
The depreciation of the Kenyan shilling and rising inflation have led to higher prices for imported goods, which make up about 40% of Quickmart’s merchandise, including electronics from China. These economic pressures have reduced customers’ disposable income and increased Quickmart’s operating costs, including higher payroll taxes.
Kenya Suppliers Association chairperson Kimani Lugendo praised the supermarket chain for its reliability in honouring payments and credit lines, providing stability in a challenging market.
Unilever Kenya managing director Luck Ochieng praised Quickmart for learning from past industry failures and adapting its operations to mitigate similar risks.
Chief Marketing Officer Betty Wamaitha said the next step would be to enter the e-commerce market with the launch of the Q-soko mobile app in September. The move is aimed at capitalising on the growing trend of online shopping.
Quickmart’s success stands in stark contrast to the struggles of other supermarkets in Kenya, which have closed, including Uchumi, Nakumatt and Tuskys, and foreign retailers such as Shoprite have exited. The company’s strong cash flow, backed by a $25 million investment from Adenia, has played a vital role in its expansion and stability.
Quickmart plans to expand into neighboring Uganda and eventually the Democratic Republic of Congo.
[ad_2]
Source link
