Kenyan Shopping malls form association
Leading shopping malls have come together and formed an association that will guide their output and productivity in East Africa.
The Shopping Centre Association of Kenya (SCAK) was launched at the Sarit Centre in Nairobi on Wednesday in an event attended by Ministry of Industrialization officers, investors and directors of malls, and players in the retail market. Some of the malls represented included The Village Market, Sarit Centre, Garden City Mall, Two Rivers Mall, Galleria Mall and Yaya Centre, Knight Frank, Fedha Management Limited and Broll Limited.
Speaking during the launch of the shopping centres association of Kenya Principal Secretary ministry of industry, trade and cooperatives, Julius Korir said the association will operate beyond the Kenya borders and ‘be the leading council for the shopping centre industry in East Africa’. The players attributed their coming together to the growth of the retail market in Kenya.
“Formal retail accounts for 30% of the retail market in the country, and contributes Sh440b to the GDP and employs nearly 200, 000 people. This contribution will rise significantly with as formal shopping floor space is set to double in coming years,” said the PS.
The newly established SCAK was set up to help the Kenyan retail industry be recognised and developed to support the projected growth.Kenya is second largest shopping center market in Sub Saharan Africa, with over 100 shopping centers spread across the country.
“Government, through the Economic Stimulus Program of the year 2011/2012 earmarked the development of retail markets in each constituency, a strategy that many Counties have continued to pursue, the vibrant private sector has taken up the challenge and developed shopping centres spread out in the entire country”, said Mr. Korir.
The retail market in Kenya contributes KES.440 billion to the GDP and employing 220,000 people.This contribution will rise significantly as formal shopping floor space is set to double in the coming years. The association has been set up with the vision of becoming the leading council for the shopping center industry in East Africa, and to drive networking, education, research and constructive engagement amongst all stallholders in the shopping center industry.
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