In a major step forward in its African expansion initiative, Majid Al Futtaim Retail –Carrefour (“MAF Retail-Carrefour”), the second -largest retailer in the world, is set to make an entry into Sub Saharan Africa and its second entry into Africa, the first one being in Egypt, by leasing space in the upcoming Two Rivers Lifestyle Center (“TRLC”) in Nairobi. Carrefour cemented this position by signing a lease agreement with TRLC in a colorful ceremony held at the Two Rivers site on Wednesday 15th October 2014.
Situated in Nairobi’s diplomatic blue zone, and bordered by Limuru Road and the Nothern Bypass. Two Rivers development is the brainchild of Centum, East Africa’s largest listed investment company, listed on the Nairobi Securities Exchange and cross-listed on the Uganda Securities Exchange. This project is managed by Athena Properties Limited, a wholly owned subsidiary of Centum that provides a comprehensive end-to-end range of property development and management services. Spread across 40 hectares (100 acres) of prime land adjacent to the upmarket residential suburbs of Runda and Rosslyn Estates, and serviced by both Limuru Road and the Northern Bypass, Two Rivers is set to become East Africa’s premier destination to meet, do business, live and shop within a master planned urban lifestyle environment.
The Two Rivers development will, once fully developed, comprise 850,000 square meters of office, residential, retail, hotel and entertainment space. The Two Rivers mall (which will be the largest mall in Sub Saharan Africa excluding South Africa) is currently under construction and is scheduled to open in October 2015. MAF Retail –Carrefour is the second largest retailer in the world and has created employment for tens of thousands. Every year it opens its doors to more than 175 million customers around the globe, treating them to a wide selection of products and services at fair prices. With more than 110 stores in 12 countries and thousands of products including fresh produce, clothing, electronics and household appliances among others, MAF Retail is a partner for daily life. Speaking at the signing ceremony, Centum CEO James Mworia said, “The vision of Centum in developing Two Rivers was to create a commercial destination that would be at par with other global commercial destinations. It is therefore with great pride that we sign MAF Retail –Carrefour today as the anchor tenant for the TRLC. At 110,000 sq Ft, the Carrefour hypermarket shall be by far the largest in East Africa validating Two Rivers vision of being the number one commercial destination in East Africa. 120 other retail outlets within the mall and many more commercial outlets within the broader Two Rivers Development shall compliment Carrefour’s presence in the TRLC”.
The CEO expressed confidence that the entry of MAF Retail –Carrefour into Two Rivers shall provide customers with a game changing shopping experience, a wide product range and service experience comparable to that in global shopping destinations. Mr. Mworia said that the first phase of the Two Rivers development will deliver state of the art infrastructure and service delivery, the TRLC and its two office towers, a hotel, commercial developments, and luxurious apartments. He further indicated that the TRLC is set to open in October 2015. At the signing ceremony, executives of MAF Retail - Carrefour said that their Kenyan outlet will replicate the firm’s strategy of stocking major brands alongside its own branded items, with most of the fresh produce sourced from local suppliers. Additionally, they will create at least 400 direct jobs and another 400 indirect jobs through their suppliers’ networks. This demonstrates the retailer’s commitment to improving the quality of life while growing the local economy.