Growing Middle Class is Driver of East Africa’s Retail Growth

The East Africa Retail Expansion Summit 2016 begun on Thursday in Nairobi  bringing together high level executives from retail owners, investors, architects and planners, local and public authorities in a focused two day program.

Industry, Investment and Trade Cabinet Secretary Adan Mohamed officially opened the summit.

Mohamed says,” Return on foreign investment is higher in Africa than other developing regions; clear indication that Africa is actively developing retail.”

He notes that the East African region is promising ‘as it registers an increasing demand for more retail markets due to a growing middle class’ and Kenya is the gateway to the region with a fast growing economy and a great investment climate for retail.

He is optimistic with the current status of being a middle income economy will continue to attract more investors. “Kenya is poised for economic take-off-our recent ascension to middle-income status is a stepping stone to attracting investment.”

The Summit will take keen interest on the evolution of East Africa’s trade corridors, retail investments in the region and how technology can be leveraged for profitable growth in the retail sector.

The two days event will elaborate investment strategies, commercial challenges, operational efficiency and updated technologies required for guaranteeing customer satisfaction and success.

Kenya is ranked Africa’s second biggest formalized retail economy after South Africa.

The formal retail market in Kenya has grown exponentially in the past three years and remains vibrant with supermarket chains expanding beyond Kenya’s boundaries. Major retail outlets such as Uchumi, Nakumatt, Tuskys and Naivas continue to increase their number of stores countrywide.