Kenyan Government open to foreign investment, yet protecting local markets French retail chain Carrefour opened its doors at an upmarket shopping mall in Karen, Nairobi in 2016. However, Africa’s biggest retailer, Shoprite Holdings, has not yet made a foray into the country, even though in some major African countries, it has been a dominant layer. African analyst at the Rand Merchant Bank, Celeste Fauconnier suggested that should foreign retailers be interested in wanting to gain access to the market, they need to thoroughly assess the competition and be willing to take a minority share in a local business if they wanted access to the market. According to a 2016 research conducted by Knight Frank on African retail, in sub-Saharan Africa, Kenya is second (391,000m²) to South Africa (23 million m²) in terms of shopping centre space, and Namibia is in third place. According to Oxford Business Group, Kenya ranks as the second-highest formalised retail sector and the average value of consumer spending has risen as much as 67% in the past five years, making it Africa’s fastest-growing retail market. (Source: BusinessLIVE)
