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Nakumatt: Another ailing Kenyan company
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aemathenge
#211 Posted : Sunday, June 25, 2017 10:45:39 AM
Rank: Elder

Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
Quite an interesting article By Paul Wafula on one of those Sub Standard online media services.

Among the challenges Nakumatt survived included the Mad Cow Disease incident of the mid nineties.

Another but more regular challenge has been the Tax man.

Right now, there is talk that the firm has hired audit firm KPMG to help restructure its business in a bid to come out of the liquidity crunch

Source Link:
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2012
#212 Posted : Sunday, June 25, 2017 11:37:36 AM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
KulaRaha wrote:
2012 wrote:
Malls hosting Nakumatt are now feeling the pinch. Supermarket are the biggest pullers to malls and a failing supermarket is a liability to a mall. Tenants at The Junction Mall are complaining of reduced business and hope the French giant Carrefour could be able to replace Nakumatt at the Junction Mall.


Same story from Village Market, but I think the construction and the two new malls nearby may have also contributed.

BTW they are in rent arrears there as well.


What really happened to Nakumatt??? Even today customers are still walking into their stores yet there's nothing on the shelves and no bags to carry your shopping out. They still enjoy the goodwill. How did they manage to screw-up? This was a cash cow, why eat a healthy cow that produces tons of milk?

BBI will solve it :)
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winmak
#213 Posted : Sunday, June 25, 2017 12:46:48 PM
Rank: Member

Joined: 12/1/2007
Posts: 539
Location: Nakuru
2012 wrote:
KulaRaha wrote:
2012 wrote:
Malls hosting Nakumatt are now feeling the pinch. Supermarket are the biggest pullers to malls and a failing supermarket is a liability to a mall. Tenants at The Junction Mall are complaining of reduced business and hope the French giant Carrefour could be able to replace Nakumatt at the Junction Mall.


Same story from Village Market, but I think the construction and the two new malls nearby may have also contributed.

BTW they are in rent arrears there as well.


What really happened to Nakumatt??? Even today customers are still walking into their stores yet there's nothing on the shelves and no bags to carry your shopping out. They still enjoy the goodwill. How did they manage to screw-up? This was a cash cow, why eat a healthy cow that produces tons of milk?


This was me complaining bitterly after exiting Nakumatt Eldoret

"It's Sunday but please allow me to complain: So, a whole Nakumatt Eldoret has no sugar and no Tea (the ketepa, non-instant), the staff are lethargic and don't offer encouraging explanation to the lack. Then at the packaging, they charge me 50 Bob for a small bag (similar one in India cost me 4 rupees= 6 kes)... This thing is going down, just the last few breaths..."
For investors as a whole, returns decrease as motion increases ~ WB
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watesh
#214 Posted : Sunday, June 25, 2017 4:58:09 PM
Rank: Veteran

Joined: 8/10/2014
Posts: 992
Location: Kenya
If there was a time for Uchumi to make a comeback, now would be it. Nakumatt's failure is creating a huge opportunity
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  | | Edit by user: Sunday, June 25, 2017 4:59 PM | Reason: Not specified
bartum
#215 Posted : Monday, June 26, 2017 1:25:05 PM
Rank: Veteran

Joined: 8/11/2010
Posts: 1,011
Location: nairobi
watesh wrote:
If there was a time for Uchumi to make a comeback, now would be it. Nakumatt's failure is creating a huge opportunity

seconded, sadly they have no clue
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Lolest!
#216 Posted : Monday, June 26, 2017 1:54:33 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Atul Shah blames govt for decisions made from the 90s to date affecting the retailer including Mad Cow beef branch closures to Thika Rd branch demolition

http://www.nation.co.ke/...86128-157dhxe/index.html
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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pops
#217 Posted : Monday, June 26, 2017 3:02:16 PM
Rank: Member

Joined: 9/13/2006
Posts: 123
What goes round, comes round - Nakumatt played dirty tricks in the mid 90's and early 2000's to destroy uchumi and smaller grocery stores. Predatory pricing, poaching staff and suppliers, spreading bad rumors etc destroyed many small players at the time. Who could have believed that one day they will sink to these levels?
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sparkly
#218 Posted : Monday, June 26, 2017 5:31:03 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
[quote=Lolest!]Atul Shah blames govt for decisions made from the 90s to date affecting the retailer including Mad Cow beef branch closures to Thika Rd branch demolition

http://www.nation.co.ke/...6128-157dhxe/index.html[/quote]

Takes credit when doing well, blames government when doing badly.

The problem really has to do with corporate growth and enterprise risk management.

Nakumatt grew well and beyond the competence of the owner managers.

Overdue supplier accounts, tax disputes with KRA, Labour disputes with COTU, branches on road reserves, branches on riparian reserves. These are risks that the company should have done better on.

For instance Nakumatt despite being the leading retail chain in East Africa was audited by 2nd tier audit firms like RSM and PKF.

IMHO if Nakumatt owners has taken a strategic investor earlier, to improve on management competence, they would be doing much better.

Life is short. Live passionately.
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Ericsson
#219 Posted : Monday, June 26, 2017 6:31:48 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
Similar products are priced higher in Nakumatt than in Tuskys
http://www.businessdaily...87532-tv1hlq/index.html

Nakumatt should be liquidated,suppliers paid their debt and the chain folded.Naivas and Tuskys can fill the gap
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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  | | Edit by user: Monday, June 26, 2017 7:23 PM | Reason: Not specified
obiero
#220 Posted : Monday, June 26, 2017 7:32:43 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,258
Location: nairobi
Ericsson wrote:
Similar products are priced higher in Nakumatt than in Tuskys
http://www.businessdaily...87532-tv1hlq/index.html

Nakumatt should be liquidated,suppliers paid their debt and the chain folded.Naivas and Tuskys can fill the gap

Shindwe
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