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Home Africa

Shoprite’s bright spot in South Africa’s slowing economy

Staff by Staff
November 5, 2019
in Africa, Economy, Retail, South Africa
Reading Time: 1 min read
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Choppies expands into Mozambique, Namibia
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In a bright spot amid South Africa’s economic woes, Shoprite Holdings managed a 7.3% rise in quarterly revenue as shoppers turned to its discount unit USave.

While its international operations saw sales fall 4.9% hurt by currency devaluations and anti-immigrant attacks, the supermarket operator reported a 10.3% rise in South Africa for the three months to Sept 30.

It opened eight USave stores, which offer discounted goods in low income areas, in the quarter.

Days of riots in South Africa chiefly targeting foreign-owned businesses sparked retaliatory attacks elsewhere, forcing Shoprite to close several stores in early September in South Africa, Nigeria and Zambia.

“Management is assessing the performance of the Supermarkets Non-RSA segment, with specific reference to the Group’s return on capital invested in Africa,” Shoprite said in a statement without providing detail.

The company’s other operations comprising OK Franchise, Computicket, Medirite pharmacies, and Checker’s Food Services reported a 6.4% increase in sales.

Source: Reuters

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Tags: Checker's Food ServicesComputicketMedirite pharmaciesOK FranchiseShoprite HoldingsSouth AfricaSupermarketUSaveюжная-африкаجنوب-أفريقيا南アフリカ南非
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