Shoprite Holdings is opening 101 new stores in South Africa before June as part of an aggressive expansion plan to gain market share in an environment in which consumers are tightening their belts, Business Day reports.
South Africa’s largest retailer and sector bellwether reported a lower than expected 7.4% rise in first-half profit to R1.82bn on Tuesday. The performance shows the combined effects of slowing income growth and unsecured credit extension as well as the high debt burden and the rising cost of living on its core low-middle-income customer.
By: Zeenat Moorad
