(Bloomberg) — Nakumatt Holdings Ltd., Kenya’s biggest retail chain by outlets, said sales will grow 30 percent this holiday season as shoppers’ confidence returns after militants attacked a Nairobi shopping mall last year.
Consumers began returning to retail centers from April following a “worrisome” drop owing to a variety of factors, Nakumatt Chief Executive Officer Atul Shah said today in an e- mailed statement. He didn’t specify the reasons.
“We are anticipating positive growth of up to 30 percent beginning November to late January next year as we are witnessing a steady footfall growth across our branch network,” he said. Businesses and non-governmental groups are buying a “high volume” of gift vouchers, according to the statement.
A Nakumatt superstore was the flagship shop at Nairobi’s upscale Westgate mall, where gunmen with the al-Qaeda-linked group, al-Shabaab, killed at least 67 people in September 2013. The mall has yet to reopen after it partially collapsed and caught fire during the siege.
The company, which also has branches in Uganda, Tanzania and Rwanda, opened its 52nd outlet last week. It’s targeting revenue of $650 million this year from $600 million last year and Nakumatt plans to start trading shares on the Kenyan stock market within five years, Shah said in August.