Kenya Retail Industry Eyes Steady 2024 Growth Despite Economic Headwinds
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Kenya's retail industry expects steady growth in 2024 despite economic challenges like high commodity prices and lowered savings.
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CEO Wambui Mbarire says retailers must adapt by changing strategies and offerings to meet evolving consumer preferences.
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Global firm Economic Intelligence also forecasts retail growth but notes high costs may hinder growth hopes.
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Mbarire advocates that retailers relocate and diversify offerings to provide more food items over amenities.
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According to Economic Intelligence, global retail sales will grow 2% in volume and 6.7% in value by 2024, with online sales rising sharply.