Major industries in Kenya include agriculture, forestry, mining, manufacturing, tourism, and financial services; with agriculture serving as the leading industry. Fresh flowers, fruits, vegetables, tea, and coffee represent the greatest portions of Kenya’s exports; and machinery, transportation equipment, and petroleum represent the greater portions of Kenya’s imports (OEC, 2023). The Kenyan population still suffers from poverty, inequality, youth unemployment, and weak private sector investments requiring additional progress in the business environments (USAID, 2023). There are more than fifty million people currently populating Kenya, and Nairobi, Kenya’s capital, only has an annual growth rate of about 3 percent since 2000. The slow, moderate improvements have only increased the rate of poverty, slums, and subjection to food insecurity (Ivers et al., 2022). Africa is projected to double its population by the year 2050, yielding demand for urbanization in low-income areas. Driven by the agriculture, manufacturing, tourism, and services industry, Kenya still has yet to organize coordinated business policy reforms for national and county governments (Anyanzwa, 2022). The lack of business policy reform has led to complex processes to access permits and licenses, rigid labor regulations, inefficiency with tax administration, and high crime risk (Kenya, 2022). However, as the levels of education attainment rise in Kenya, businesses are still rising against challenges and transitioning from micro- to medium-, to larger enterprises.
On May 28th, 2021, the Retail Trade Code of Practice was adopted by the Competition Authority of Kenya. This regulates the buying power that retailers and traders have to make investments, whether it be indirectly or directly with clothing, factoring in greater success for the country (Kigwiro, 2022). The wholesale and retail trade is the fifth largest contributor to Kenya’s gross domestic product (GDP). A country’s GDP refers to the monetary value of products, goods, and services produced or performed in a specific time or period. With several ongoing urbanization efforts in Kenya, the growth in the wholesale and retail industries are perfect examples of rapid expansion and diversification in Kenya due to the emergence of international brands entering the market. Located within the Karen Triangle, in Karen suburbs, the most famous of Nairobi’s suburbs will feature Waterfront Karen, a nineteen thousand square meters retail space for more than twenty stores. The shopping mall will be managed and leased by Broll, a property services company (Broll Property Group, 2018).
Page Author: Ritchy Isaac
