For the first time since 2016, Shoprite’s furniture business has emerged as a bigger sales driver than its core supermarket operations (food and other consumer goods).
In 2016, Whitey Basson was still at the helm of Shoprite, and regulations around issuing credit to consumers hadn’t been tightened, allowing SA retailers to easily throw debt at consumers to purchase furniture and other big-ticket home items.
Over this period, Shoprite recorded annual growth in furniture sales of 15.3% while supermarket operations grew sales by 10.9%. After 2016, the credit taps started to close as regulators clamped down on the powers of retailers to gleefully issue credit to consumers, resulting in slower growth of furniture sales at Shoprite and other retailers.
Gryphon USA Expands Auction Group to Better Service Bank REO Marketplace
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COLUMBUS, Ohio, Feb. 2, 2021 /PRNewswire/ Ohio based Gryphon USA has set its sights on a larger, nationwide footprint for the sale of bank owned real estate.
The newly minted Gryphon Auction Group has attracted two veteran asset managers to assist with procuring assignments from banks, servicers, hedge funds and note-holders seeking to quickly and systematically sell foreclosed homes and remove them from their balance sheet. We re expanding to a nationwide model through Gryphon Auction Group, said Gryphon USA principal Rich Kruse. This expansion was put on hold when the foreclosure moratorium was initiated 10 months ago, he added. With the expectation that foreclosures will re-start later this year, we are making the move now.
Mr Price and Massmart have both reported sales growth for home improvement and DIY divisions after consumers took to upgrading their homes. But that can only really happen once, an analyst warns.
JSE-listed companies could arguably take a page out of Pick n Pay’s book when it comes to succession planning in the C-suite.
After Richard Brasher was appointed in 2013 as the Pick n Pay CEO after resigning from UK-based grocery chain Tesco, he repeatedly told shareholders at results presentations that he would leave the local retailer once it returned to stability and profitability.
Some shareholders knew that Brasher’s time in the top job would be up because his employment contract expires in 2021. Pick n Pay’s announcement on Thursday, 14 January 2021 that Brasher will step down from 21 April was also expected because he was meant to exit the retailer in early 2020. But the Pick n Pay board asked Brasher to stay for another year to help the retailer sail through the Covid-19 storm, also buying the board time to plan and search for his replacement.
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COLUMBUS, Ohio, Dec. 23, 2020 /PRNewswire/ Recent actions at the federal level to extend foreclosure and eviction moratoriums on certain sections of the housing market through January will allow the incoming administration of President-elect Biden to revisit the issue after Inauguration Day, according to Columbus distressed assets manager and auctioneer Rich Kruse.
But the Gryphon USA Ltd. principal said adopting that strategy for too long could create risks for the housing market as many landlords and mortgage holders begin to assess the impact on their businesses.
Congress supported the extension of mortgage foreclosures and eviction protections to certain properties through Jan. 31 as part of a second round of support for those facing job loss and other economic stress as a result of the COVID-19 pandemic. A number of federal agencies had already extended the moratorium that were due to expire on Dec. 31.