VENTURES AFRICA – Africa’s biggest grocery retailer, Shoprite, on Monday said it will be open 46 new supermarkets before the end of December this year.
Although, the JSE-listed firm did not specify in which areas or countries these stores would be opened, it said its turnover surged 10.2 percent in the quarter to September this year, boosted by strong showing in markets outside South Africa,
Turnover from those markets 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.
The retailer’s shares also fell by 1.26 percent on the JSE in early trade. However, its South African turnover surged 8.3 percent during the period under review.
This was first published on www.ventures-africa.com