Shoprite Is Set To Open 46 New Stores Before The End Of The Year

 

 

Africa’s biggest grocery retailer, Shoprite, on Monday said it will be opening 46 new supermarkets before the end of December this year.

 

The JSE-listed firm did not specify in which areas or countries these stores would be opened.

 

Ventures Africa had tried to get comment from the company but had not received a response from the company at the time of the early deadline on Monday.

 

Boosted by the strong showing in markets outside South Africa, Shoprite said turnover had surged 10.2 percent in the quarter to September this year.

 

Turnover outside South Africa soared almost 30 percent during the period under review bolstered by the opening of 14 new food shops since October last year.

 

“Of the 14, five were Shoprite supermarkets and 9 were Usave,” the group said in a statement.

 

Usave is Shoprite’s newest concept targeting the low cost market.

 

Most of the 46 new stores could be opened in markets outside of South Africa, which are set to drive earnings growth in the company going forward.

 

As Africa’s economies grow, they also bring with them a very strong middle class, with a strong buying power.

 

The continent has about five economies that are on the world’s top 10 fastest-growing economies.

 

But the shares of the group lost 1.26 percent on the JSE in early trade. Its South African turnover surged 8.3 percent during the period under review.

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