The retail sector in Kenya is undergoing a transition. Development of malls outside Nairobi has gained popularity due to availability of vast parking space and accessibility of numerous services within the same facility from groceries, drugs, liquor, bakery, eateries, banking to laundry services. However, tight economic situation and the presence of too many malls saw rental yield crash by 10.2 percent and occupancy rates in existing properties decline by 4.8 percent. Quarter Three Retail Sector Report 2019, attributes the decline mainly to increase in retail space supply. According to the Report, in the past year, 0.8 million square feet was added in addition to the existing malls such as Waterfront, The Well, Mountain View and the expansion of Westgate and Sarit Centre.
Realtor Tysons Ltd has advertised for the sale of an incomplete mall complex on prime one-acre land. All architectural details will be provided to interested buyers who would like to complete the construction of the mall which is strategically located along Eastern Bypass with reasonable road frontage. Many multimillion-shilling commercial enterprises and supermarkets, are reportedly coming up along the Eastern Bypass. Interested parties have been advised to file their bids in writing by December 2.
