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Lewis Njoka @LewisNjoka

Carrefour Supermarket made Sh25.3 billion (AED 848 million) in revenue last year compared to Sh19.4 billion (AED 651 million) in 2019.

The performance was realised despite the local retail market and the economy as a whole being hit hard by the Covid-19 pandemic.

Revenue also grew despite a Sh1.4 billion drop in the retailer’s total assets having decreased to Sh5.9 billion from Sh7.4 billion in 2019.

“The ripple effect of the rapidly spreading pandemic has seen governments, authorities and advisory councils around the world mandate appropriate drastic measures intended to control transmission,” reads the Carrefour annual report in part.

“While this has seen some industries (particularly those in the tech and digital space) flourish overall, there has been a strongly adverse effect on discretionary spending and consumer confidence,” it adds.

In Uganda, Carrefour yesterday opened its second store located in Naalya, Kampala signalling its desire to expand its footprint within the East African region.

Commenting on the launch, Franck Moreau, Country Manager of Carrefour Uganda and at Majid Al Futtaim – Retail Kenya explained that Carrefour’s underlying aim is to offer Ugandan shoppers the best products and widest range at the most affordable price.

Shopping experiences

With this expansion, he said the retail chain is delivering more convenient and modernised shopping experiences to more of our Ugandan customers.

“This new Carrefour not only offers a wide range of products sold at the best prices, but also uplifts the surrounding community by creating direct and indirect employment opportunities for over 90 Ugandans,” he said.

In the recent past, some key players in the local retail scene, such as Tuskys and Nakumatt supermarkets have sunk, an occurrence that has seen foreign-owned retailers such as Carrefour and Game increase their market share significantly. 

With Tuskys Supermarkets seemingly on its deathbed, the foreign brands are now having an easier time competing with Naivas, other home-grown brands and corner shops. 

However, they are now facing stiffer competition from online retailers.