Quickmart plans expansion to 125 stores in Kenya

Quickmart, Kenya’s second-largest modern grocery retailer, has announced plans to expand its network from 72 to 125 stores over the next four years. Chief Executive Peter Kang’iri stated the company aims to open approximately 15 stores annually to increase its annual revenue to $1 billion, up from an expected 60 billion Kenyan shillings ($462 million) for the current financial year.

This expansion intensifies the competition within Kenya’s modern food distribution sector, where Naivas holds a 31% market share, followed by Quickmart at 15% and Carrefour at 14%. While the company is transitioning from sole ownership by Sokoni Retail Kenya to public ownership via a share offering on the Nairobi Securities Exchange, the proceeds from the sale will go to the existing shareholder rather than directly funding the expansion. Quickmart intends to finance its growth through operating cash flow and the profitability of its new locations.