Mr Price store at the Junction in Nairobi. file PHOTO | NMG South Africa-based Mr Price Group has taken direct control of its Kenya business after reclaiming its franchise from fashion apparel retailer Deacons East Africa. The two firms on Thursday announced that Mr Price will from April 1 assume the operations of its 11... Continue Reading →
©Ian Allenden via 123RF The franchising industry has steadily shown adaptability to the tough economy by growing the sector 3,6% over the past four years – from contributing an estimated 9,7% to the country’s GDP in 2014 to its recent figure of 13,3%. This trend is expected to continue on the same trajectory in the... Continue Reading →
Credit: Freddy Mavunda The share price jumped 11% to R169.99 after the announcement. The momentum continued for most of the trading session, with the share eventually closing at R192.25. Diluted headline earnings per share are expected to rise between 421.4c and 439c. Portfolio manager at Gryphon Asset managers Casparus Treurnicht said although the company did... Continue Reading →
The deal saw private equity owner 3i offload the business for an undisclosed sum, although a price tag of £80 million has been mooted. Hobbs has become the latest British retailer to fall into South African hands after it was acquired by The Foschini Group. The deal saw private equity owner 3i offload the fashion... Continue Reading →
Mehluli Ncube, representing the Sentinel pension fund, described the invitation to participate in the teleconference as a little hostile. Ncube, who attended the annual general meeting on Monday to express his concerns about the remuneration policy, said the teleconference was in line with the new JSE requirements, which oblige companies to engage with shareholders if... Continue Reading →
The clothing chain said this was partly because it reported in weeks, and the decline would have been only 2% if the previous 53-week financial year had not shifted the comparative periods by a week. Truworths said half of its total sales were "account" and half were cash. Both declined by 3%. The group’s trade... Continue Reading →
South African startup MySidekick has launched its free Android-based shopping app across the country, offering users special deals from retailers such as Clicks, Dis-Chem and Volpes. Incubated at the Nedbank Stellenbosch University LaunchLab business incubator, MySidekick has developed an application that provides users with relevant shopping deals and in 2015 secured a R4 million (US$280,000)... Continue Reading →
On Thursday the retail-led healthcare group posted a 15.4% rise in operating profit to R1.8bn driven by strong health and beauty sales that grew 14.7%. Opening 111 stores, including 80 through the outsourcing agreement with the Netcare Group, bumped up its store footprint to 622. Its pharmacy network was increased to 473. During the 2017... Continue Reading →
Lloyds Pharmacy closes 190 stores, blaming government cuts Reduced funding, higher business rates and the apprenticeship levy created ‘challenging market conditions’ Lloyds Pharmacy has announced it will close nearly 200 stores across England because of changes in government policy, with its parent company also blaming funding cuts and the apprenticeship levy. In an internal letter... Continue Reading →
The firm's chief executive, Muchiri Wahome, says the move comes after South Africa-based Mr Price Group Ltd approached Deacons with a proposal to purchase the chain of stores. “The proposed transaction will be subject to various conditions that include requisite approvals from regulatory authorities and the shareholders of Deacons through a shareholders’ meeting to be... Continue Reading →
“As reported at the year-end results presentation in May 2017, given the current low-growth economy and resultant poor retail environment, the most significant near-term opportunity is to regain lost market share in the two divisions, MRP Apparel and Miladys, which underperformed in the previous financial year,” the group said. The group reported in the trading... Continue Reading →
Shoprite, Africa's largest food retailer, wants to expand to new continents and is eyeing Poland as its gateway to Europe, the Puls Biznesu daily has said, adding its scepticism.Photo: Lars Frantzen/Wikimedia Commons (CC BY-SA 4.0)Shoprite CEO Pieter Engelbrecht, who visited Poland last week and is in talks with two developers, said entering Eastern Europe would... Continue Reading →
Earnings in line with estimates; Sales growth to continue First financial statement after Steinhoff move to buy stake An employee inspects a community notice board inside a Shoprite Holdings Ltd. supermarket in Johannesburg.Photographer: Waldo Swiegers /BloombergShoprite Holdings Ltd. reported full-year earnings in line with analyst estimates as Africa’s largest food retailer boosted market share in... Continue Reading →
JOHANNESBURG - Department store Stuttafords, the 159-year-old “Harrods of South Africa”, is closing down, a victim of a global shift to online retail and a domestic economic slump that has put brands such as Ted Baker and Gap beyond its customers’ reach.Mirroring the fortunes of once-mighty department stores in Europe and the United States, the... Continue Reading →
The news follows on the group’s interim results, which showed a 32% rise in sales in rand terms in SA. The rise came at the expense of local retailers such as Mr Price and Edcon. "We see a lot of potential in SA," said H&M South African country manager Pär Darj. Three stores will be... Continue Reading →
The Foschini Group could be bringing some of its 22 brands to Australia: What will land first? Aussie retailers could soon see yet another influx of new competition, with South African retail giant The Foschini Group (TFG) saying it’s considering bringing some of its 22 retail brands Down Under. Speaking to Fairfax, TFG chief executive... Continue Reading →
Mr Price earnings up due to successful retail formula JOHANNESBURG (Reuters) – South Africa’s Mr Price Group Ltd posted a 12 percent drop in full-year earnings, the first drop in annual profit since 2001, as consumers struggle in a sluggish economy. The no-frills retailer, which also sells homeware and furniture, is facing increased competition from... Continue Reading →
Retail cannibalisation is becoming a significant feature in the domestic market and it is for this reason that Edcon is shutting down stores where it can, says CEO Bernie Brookes. Edcon shuts stores in bid to save salesRetail cannibalisation occurs when a company's new stores steal customers from existing stores. This can reduce overall sales... Continue Reading →
Morné Wilken, CEO of Attacq, explained that Attacq regards the Mall of Africa as one of its most valuable assets in the Attacq property portfolio. “This mall is the realisation of a very significant vision and a long-term business journey. We identified a gap in the market to develop something extraordinary in the Waterfall area... Continue Reading →
According to Moneyweb, as of 30 March cashback points will be earned for every R2 spent at stores, from R1 previously. This effectively halves the cashback rate to customers from 1% to 0.5%. Business Day reports that according to Pick n Pay management, a key feature of the overhaul would be weekly personalised discounts tailored... Continue Reading →
The retailer's sales increased 39% in rand terms from the nine stores it has in operation Swedish retailer H&M has continued on its winning streak in SA, dodging the malaise to which domestic retail players have succumbed. In the first quarter of its 2017 financial year, H&M’s sales increased 39% in rand terms to about... Continue Reading →
Head of marketing Leane Adolph said on Wednesday all free-standing stores under both these brands would close by the end of March. "The company regularly reviews the portfolio's performance and relevance to market and decided to move the Mango business into the store-in-store concept within Edgars. Similarly, with Nine West, we will keep a wholesale... Continue Reading →
South Africa's best products, recognised through a market-leading independent consumer survey, were announced at the Product of the Year gala event in Johannesburg last week. South Africa's Product of the Year winners revealedPart of one of the world’s largest consumer-voted awards programmes, this independent consumer survey, conducted by leading global information and measurement company Nielsen,... Continue Reading →
Shoprite has scrapped plans to merge its South African businesses with Steinhoff's Shoprite has scrapped plans to merge its South African businesses with Steinhoff's South African retail firms Steinhoff International and Shoprite Holdings announced Monday they had scrapped plans to merge their local assets to form the continent's biggest retailer. The plan announced in December... Continue Reading →
Michael Kors has recently opened its first store in South Africa, in Cape Town at V&A Waterfront Mall. The 2,497-square-foot boutique was designed by the brand’s in-house team and features a neutral color palette for a luxurious ambience. The boutique is designed to reflect the label’s sophisticated, jet set aesthetic. Michael Kors Cape Town carries... Continue Reading →
The trading update is largely upbeat, but investor enthusiasm for the JSE’s retail sector has been tempered Shares in recently listed healthcare retailer Dis-Chem fell 3.7% on Friday after the release of a trading update for the 22 weeks to end January. The trading update was largely upbeat, but investor enthusiasm for the JSE’s retail... Continue Reading →
The newly appointed chairman of Edcon said the retailer was too important to fail and would be turned around. Gareth Penny, who took up the position on Wednesday, said he was "confident we can continue to make progress in recreating a world-class retailer". New boss vows to overhaul EdconPenny, the former group CEO of De... Continue Reading →
Despite a tough local market, Shoprite has edged its rivals and its rest of Africa play is going swimmingly It has been 27 years since Shoprite, then and until recently led by Whitey Basson, took its first tentative steps beyond SA’s borders. The move was greeted by widespread market criticism. Shoprite has, mostly, proven that... Continue Reading →
South African retail giants Steinhoff International and supermarket group Shoprite Holding Wednesday said they were in talks to merge their African operations to form a single company worth over $14 billion. The companies said in a statement they had initiated talks “regarding the potential combination of their respective African retail businesses” with an objective of... Continue Reading →
Woolworths’ shareholders latched on to two of the most controversial issues in corporate governance when substantial numbers voted against the reappointment of the auditors and also against the remuneration policy at Wednesday’s annual general meeting. In a move that suggests shareholders are becoming more engaged on the matter, 18.6% of shareholders at the Woolworths AGM... Continue Reading →
South African pharmacy chain Dis-Chem to double in size by 2022November 22, 2016 Written by Georgina Caldwell South African pharmacy chain Dis-Chem to double in size by 2022 Dis-Chem Dis-Chem has vowed to double in size over the next five years, according to a report published by Yahoo. Ivan Saltzman, CEO of the South African... Continue Reading →
CEO says tough conditions to continue. JOHANNESBURG – South African no-frills retailer Mr Price said on Monday it expected low sales for the rest of the financial year after reporting its first decline in profit in 15 years, sending its shares to a three-year low. Sluggish economic growth in South Africa, seen at less than... Continue Reading →
South African retail stocks slumped, heading for the lowest in almost seven months, after Woolworths Holdings Ltd. said clothing sales fell, adding to similar recent declines reported by local competitors. The eleven-member FTSE/JSE Africa General Retailers Index retreated 4.1 percent in Johannesburg, heading for the lowest level since April 24. Cape Town-based Woolworths tumbled 3.7... Continue Reading →
Back in September 2015, Memeburn reported that ecommerce platform Groupon began shedding global offices in an effort to "make the business more efficient". And while South Africa wasn't a country affected back then, it is now. Groupon South Africa is dead: here's what will happen to your orders Groupon South Africa today announced that it... Continue Reading →
The fashion retailer cites an increasingly tough retail market. Investors gave the shares of Truworths International a dressing down on Thursday as they fretted about the fashion retailer’s bearish sales update showing that it’s feeling the pinch from South Africa’s tough retail landscape. Truworths’ share price dived by 7.8% during morning trade after it said... Continue Reading →
South African malls In the world of South African retail property development, new construction has slowed down and there’s the perception of oversupply, but some of Gauteng’s biggest malls are getting bigger, SA Commercial Property News reported. There’s appetite for regional and super-regional malls, which enjoyed low vacancy rates in 2016 — 3 percent and... Continue Reading →
Shoprite Founder Basson to Step Down After 37 Years at HelmPosted by Janice Kew Company veteran Engelbrecht to take over as CEO from Jan. 1 New leader must overcome weak domestic consumer confidence Shoprite Holdings Ltd. said founder Whitey Basson will retire as chief executive officer, ending a 37-year tenure that saw the South African... Continue Reading →
Cape Union Mart Group says it has acquired Keedo, a South African designer and manufacturer of quality children’s clothing. Keedo adds 25 stores and a factory to Cape Union Mart Group’s retail footprint of nearly 220 stores and their K-Way factory. The group now provides employment to approximately 3,000 people. While Keedo will be wholly... Continue Reading →
Johannesburg - The R2.5 billion invested in the expansion of the Menlyn Park Shopping Mall by majority owner Pareto is expected to result in a further R5bn being invested in shop fittings and other activities, as well as thousands of new permanent job opportunities. Marius Muller, the chief executive Pareto Asset Management, said the rule... Continue Reading →
Starbucks opens its third South African store in Menlyn Maine in the city of Tshwane Starbucks opens its third South African store in Menlyn Maine in the city of Tshwane Johannesburg, South Africa, 2016-Sep-22 — /EPR Retail News/ — In partnership with Taste Holdings, Starbucks has opened its third South African store in Menlyn Maine... Continue Reading →
The R1 billion Thavhani Mall in Thohoyandou, Limpopo will open its doors next year.The R1 billion Thavhani Mall in Thohoyandou, Limpopo will open its doors next year. The rapidly growing Thohoyandou town in Limpopo province is set for a major boost when the R1 billion Thavhani Mall opens its doors on 24 August next year.... Continue Reading →
Mr Price Group Ltd. plunged the most in more than seven months after the South African clothing and household-goods retailer said first-half earnings would probably decline after its most challenging winter in more than a decade.The shares dropped 16 percent to 184.47 rand at the close in Johannesburg, the biggest decline since Jan. 15. Almost... Continue Reading →
Ted Baker has announced the opening of its first store in South Africa within Sandton City, Johannesburg. The store, which draws inspiration from Johannesburg’s famous Shakespeare garden, has a stylish setting, showing off a beautiful Elizabethan wooden framed front and antique oak floor. The new Ted Baker store which covers 1960 sqft features the latest... Continue Reading →
Shoprite profit rises 17% amid tough retail conditions Cape Town – Shoprite’s full-year profit rose to 17% due to its focus on giving the lowest prices while also subsidising the price of basic foodstuffs. Diluted headline earnings per share rose from R7.69 to R9 in the 12 months through June, which was higher than the... Continue Reading →
“We are completely humbled by the support we have received since opening our first store in April. This new development gives us an opportunity to bring our iconic coffee to an iconic city with a rich food and coffee culture. We are honoured and excited to bring the Starbucks experience to 'Jacaranda City'," says Carlo... Continue Reading →
Greenpeace SA has accused retail giant Pick and Pay of failing to comply with its clean energy programme launched three months ago. The programme calls on businesses to commit to 100% renewable energy and stop using fossil fuels. Activists have staged a protest outside the company's headquarters in Cape Town. Greenpeace says Pick 'n... Continue Reading →
JOHANNESBURG/LONDON: South Africa's Steinhoff International Holdings NV has bought 23% of Poundland Group Plc and is considering a full cash bid for the British no-frills homeware chain in its latest attempt to expand in Europe. Steinhoff, a $22 billion furniture conglomerate which has lost out in two high profile takeover battles already this year, said... Continue Reading →
TFG has set itself stiff targets for growth in the five years to March 2021. The retailer is looking to increase sales by 85% to R39bn, to lift operating margin from 17% to as high as 19% and return on equity from 23.9% to 28%-30%. If TFG achieves its 2021 sales target and a margin... Continue Reading →
RETAILER Clicks will takeover managing private hospital group Netcare’s 37 Medicross branded retail pharmacies and its 51 hospital "front shops", the two JSE-listed groups said in a joint-statement on Wednesday. The agreement excludes the dispensing of prescriptions in the Netcare Hospital pharmacies, which remain within Netcare’s hospital operations. Specific employees involved in these areas of... Continue Reading →
Johannesburg - Mr Price said yesterday that its sales exceeded R20 billion and earnings exceeded R10 a share for the first time since the group’s inception. Chief executive Stuart Bird said the figure represented an important milestone for the company. “We are very satisfied with these results, particularly after considering the headwinds that we confronted... Continue Reading →
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