Malls in cut-throat competition for local and international brands
Two Rivers on Limuru Road is Kenya’s largest mall. PHOTO | MARTIN MUKANGU
The recent opening of the Two Rivers Mall on the outskirts of Nairobi has raised the stakes in a sector that is struggling to achieve returns despite high occupancy rates by merchants.
In Kenya, the occupancy level in the majority of the malls is currently averaging 83 per cent, but with return on investment only about 8.7 per cent, according to asset management firm Cytonn Investments.
