Fri. Apr 19th, 2019

Nakumatt reopens Mega branch on Uhuru Highway

Nakumatt has announced its return to Uhuru Highway.

The retailer previously had a branch – Nakumatt Mega – on Uhuru Highway.

The new space has been housing Ivory Lifestyle clothing store.

The launch of the Uhuru Highway branch marks the retailer’s seventh branch since it started picking the pieces after being haunted by debt.

Nakumatt has taken up space at the location of the original Highway Mattresses – the precursor to Nakumatt Mega.

In 1989, Highway Mattresses, established its first store adjacent to the current Highway Mall building before expanding to the next building neighbouring the then Car & General showroom along Uhuru Highway.

Nakumatt Holdings administrator Peter Kahi said the return is symbolic of the firm’s commitment to return to a formidable retail player status in the coming years.

“Nakumatt is back at the same spot where it defined its growth trajectory more than two decades ago. This time round, the firm is committed to reclaiming its place in the local retail sector; albeit cautiously,” he said on Saturday.

The store has taken up 4,000 square feet and is set to fully open in two weeks.

Tenants were ordered out of the Mega branch in September after Nakumatt said its lease was due to expire.

Nakumatt has faced numerous set backs from closing its branch at Ukay Centre after it was demolished, to theft when it was forcibly evicted from its premises in Nyali.

Nakumatt held a big sale in May to get quick cash with items across several branches being sold at up to 50 per cent less.

The retailer was brought to its knees with debt running into billions of shillings.

The problems riddling the retailer extended to fund managers who had taken out corporate papers with the firm during its heyday.

CIC wrote of the Sh60 million debt owed after investing in short-term commercial papers offered by the retailer.