Retail players call for sector policy
29 May 2012, 10:39
A player in the local retail sector has petitioned the government to consider formulating a retail sector development policy.
Hot on the heels of the recent release of the National Economic Survey 2012, Nakumatt Holdings Regional Strategy and Operations Director Thiagarajan Ramamurthy, has implored the government to consider hosting a consultative forum with the relevant government agencies and retail players to formulate a suitable retail development policy.
He pointed it out that the National Economic Survey has for the fifth year running identified the critical role played by the Retail and Wholesale trade sectors.
In 2011, the Wholesale and Retail trade sector covering formal retailers, wholesale shops, kiosks among others registered a 7.3% growth beating the manufacturing, Building& Construction, agriculture and Transport and communication sectors.
To accelerate development in the sector, Ramamurthy said that a Retail Development Policy will come in handy while extending formal recognition of the sector as a key economic driver.
The retail sector, Ramamurthy pointed out is Kenya’s leading formal and informal employer and deserves to be officially recognised and supported to grow further.
“The National Economic Survey, clearly confirms that the retail sector has in the last five years remained stable with an average 18.5% growth and therefore deserves formal recognition and support through a Retail Development Policy,” Ramamurthy noted.
And added: “it’s now very clear that the wholesale and retail trade sector is a key economic driver which deserves a clear policy framework to guide its sustained growth including manpower development.”
While releasing this year’s Economic Survey report, Planning, National Development and Vision 2030 Minister Wycliffe Oparanya identified the Wholesale and retail sector as one of the economic fronts that had witnessed comparatively higher growth last year.
Having registered a 7.3% Growth to rank second after the financial intermediation sector, the retail sector is also identified as having been one of the key economic drivers in the last five years ranking second after the transport and communication sector at 18.5% and 20% respectively.
On the back of sustained economic growth projections, Nakumatt Holdings has in recent months continued to invest heavily in enhancing its service delivery.
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