Shoprite to focus on domestic market after withdrawing from rest of Africa
By Janice Kew
(Bloomberg) – Shoprite Holdings Ltd. switched its focus firmly toward taking market share in its home market of South Africa, after opting to withdraw from Nigeria and Kenya and move more cautiously in Angola.
The more guarded approach comes after the continent’s biggest supermarket chain struggled with supply disruptions and getting money out of some countries. The company is seeking to take advantage of its increased dominance of the South African grocery industry in a year blighted by coronavirus lockdowns.
“The business remained vigilant, combating the challenges faced across Africa, however, currency devaluations again eroded much of our efforts,” Chief Executive Officer Pieter Engelbrecht said Tuesday in a statement. “From here, our capital allocated to the region remains at a minimum and we continue to manage costs as best as we can.”
MONEYWEB
app instead?
Renewed focus on its core home market seems to be paying off. 12:47
Open:
Open:
A Shoprite store, the anchor tenant at Fairvest s Southview Shopping Centre in Soshanguve Gauteng. Image: Supplied
Shoprite, Africaâs largest food retailer which boasts a 140Â 000-strong workforce, created 4Â 305 new jobs in South Africa in the second half of 2020, according to group CEO Pieter Engelbrecht.
This is revealed in the groupâs latest interim results for the six-months ending December 27, 2020, released on the JSE on Tuesday.
It comes despite there being some Covid-19 trade restrictions still in place during the period, including the liquor bans and curfews (that impacted stores which have late trading times, especially during the peak festive season).
Nesan Nair of Sasfin Securities shares his thoughts on Stadio s FY results and ADvTECH s trading update, as well as Mr Price s Yuppiechef deal, City Lodge and Sun International.
Shoprite Eases African Push to Focus on Domestic Market Gains msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.