Quick Mart, also Quickmart, is a Kenyan supermarket chain. As of June 2022, it was the second largest supermarket chain in the country, behind market leader, Naivas Limited, with 84 stores and over 8,000 employees.[1] At that time, according to its website, Quickmart had 53 retail outlets and employed in excess of 5,000 people.[2]
| Company type | Private |
|---|---|
| Industry | Retail trade |
| Founded | 2006 |
| Founder | John Kinuthia |
| Headquarters | Nairobi, Kenya |
Key people | Peter Kang'iri Chief Executive Officer |
| Products | Supermarkets |
Number of employees | 5,000+ (2022) |
| Subsidiaries | In Kenya |
| Website | Homepage |
History edit
Quickmart was founded in 2006 in the then town of Nakuru, which is Nakuru City today. It was started by the late John Kinuthia, a businessman, who passed away in 2016. In its early years, it was run as a family-owned and family-operated business. As of November 2017, the retail chain maintained eight outlets.[3][4]
Quickmart merged with Tumaini Self Service Limited, another retail chain in 2019. At the time of the merger, Quickmart had 11 branches and Tumaini had 13 branches. The new business adopted the Quick Mart brand. The merger concluded in 2020.[5][6] The majority shareholder in the new business is Adenia Partners of Mauritius, through their wholly owned Kenyan subsidiary company Sokoni Retail Kenya.[7]
Overview edit
As of June 2022, Quick Mart Limited was the second-largest supermarket chain in Kenya, with 53 retail outlets.[1][2] In 2017, the components of today's (2022) Quickmart had gross annual sales in excess of KSh1 billion (approx. US$10 million) then.[6]
Quick Mart is a fast-growing retail chain. In 2021, it opened six new stores, the highest number among all supermarket chains in the country that year. A number of factors contributed to that rapid growth. Three large Kenyan supermarket chains collapsed around that time; Nakumatt, Tuskys and Uchumi all went under in rapid succession. At about this time, Choppies Enterprises Limited, a retail chain based in Botswana, withdrew from Kenya. With new funding from Adenia Partners, Quick Mart expanded into some of the locations vacated by the closed firms.[8]
Ownership edit
The table below illustrates the shareholding in Quick Mart Supermarkets Limited in June 2022.[6][7]
| Rank | Name of Owner | Domicile | Percentage Ownership | Notes |
|---|---|---|---|---|
| 1 | Kinuthia Family | Kenya | Less than 50.0 |
[6][7] |
| 2 | Sokoni Retail Kenya* | Kenya | More than 50.0 |
[6][7] |
| Total | 100.00 |
- Sokoni Retail Kenya is a Kenyan investment company, wholly owned by private equity firm, Adenia Partners, based in Mauritius.[6][7]
Governance edit
After the merger with Tumaini Self Service Stores, Quick Mart is led by a ten-person senior management team headed by the chief executive officer, Peter Kang'iri.[6][9]
See also edit
References edit
- ^ a b Victor Juma (24 June 2022). "PE funds, World Bank arm sell Naivas stake". Business Daily Africa. Nairobi, Kenya. Retrieved 25 June 2022.
- ^ a b Quickmart Supermarkets Kenya (25 June 2022). "About Us". Quickmart.co.ke. Nairobi, Kenya. Retrieved 26 June 2022.
- ^ Mugambi Mutegi (29 November 2017). "Family-owned retail chain Quick Mart to open two branches". Business Daily Africa. Nairobi, Kenya. Retrieved 26 June 2022.
- ^ Trending In Kenya (2020). "The Man Who Owns Quickmart Supermarket". Trendinginkenya.com. Nairobi, Kenya. Retrieved 26 June 2022.
- ^ Quickmart Supermarkets (26 June 2022). "About Us". Quickmart Supermarkets. Nairobi, Kenya. Retrieved 26 June 2022.
- ^ a b c d e f g Food Business Africa (5 September 2019). "Kenya's Quickmart Supermarket merges with Tumaini Self Service". Foodbusinessafrica.com. Nairobi, Kenya. Retrieved 26 June 2022.
{{cite web}}:|author=has generic name (help) - ^ a b c d e AVCA (27 September 2019). "Adenia Partners concludes investment in Quick Mart". African Private Equity and Venture Capital Association (AVCA). London, United Kingdom. Retrieved 26 June 2022.
- ^ Constant Munda (26 April 2022). "Supermarkets opened 19 new stores in 2021". Business Daily Africa. Nairobi, Kenya. Retrieved 27 June 2022.
- ^ Quickmart (26 June 2022). "Quickmart Corporate Governance: Senior Executive Management Team". Quickmart Supermarkets. Nairobi, Kenya. Retrieved 26 June 2022.