South African-based retail giant Panda Mart has made a strategic entry into the Kenyan market with the opening of its first store at Garden City Mall in Nairobi.

The company has invested Sh1.14 billion ($7 million) in the new store, which is part of its ambitious plans to expand across the country.

Panda Mart is a leading retailer in South Africa with over 120 stores across the country including Namibia, Botswana, and Zambia.

The new store in Nairobi, located in a prime location, was opened on Wednesday.

The store covers an area of 3,900 square meters and offers a wide range of products including groceries, clothing, electronics, and household goods.

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Panda Mart is facing stiff competition from other major retailers in Kenya such as Naivas, Quickmart, and Carrefour.

However, the company is confident that it can differentiate itself from its competitors by offering a wider range of products at competitive prices.

Lee Jinglin, the articulate spokesperson for Panda Mart, expressed the company's enthusiasm about entering Kenya, emphasizing the nation's economic prominence. 

“We are excited to be in Kenya. Kenya is the largest economy in East Africa and Central Africa and is well positioned economically,” Lee stated.

“As Panda Mart, we are committed to becoming a cornerstone of retail excellence across the country, bringing together an extensive selection of products under one roof.”

The company is planning to open more stores in Kenya in the coming years and also intends to expand into other East African countries such as Uganda and Tanzania.

Panda Mart's entry into the Kenyan market is likely to have a significant impact on the country's retail sector.

The Kenyan retail sector is one of the fastest-growing sectors in the country and is poised for an average expansion of 7 per cent per year over the next five years.

The growth is being driven by several factors, including a rising population, increasing urbanization, and growing disposable incomes.

Panda Mart's entry into the Kenyan market is a sign of the growing confidence of foreign investors in the country.

Kenya is seen as a stable and attractive investment destination with a strong economy and a large and growing consumer market.

The company's arrival is expected to boost the economy, create jobs, and offer consumers a wider range of products and services at competitive prices.