On its path down to the gutter, Uchumi dragged taxpayers into the ugly mess, as governments of the day desperately tried to rescue the tottering retail chain. The shareholders hired Italian retail chain Standa SPA to manage it and train locals who would eventually take over its management. Aside from starting the journey to affordable consumer goods for Kenyans, the government also got bragging rights for becoming the first investor to start a large retail chain capable of making a huge contribution to the economy. Uchumi was deemed a service retail chain and was offering affordable essentials to Kenyans. The retailer also had cash reserves of Sh146 million and assets valued at Sh600 million, all thanks to prudent management.

Source: Daily Nation August 11, 2020 07:52 UTC