Subway considers closure of 500 stores in US in a global expansion bid

USA - Subway, the American privately held fast food restaurant franchise is considering closure of 500 of its stores in the US in 2018 as it seeks a global expansion outside North America. The chain will add more than 1,000 locations outside its home with a focused growth agenda in U.K., China, India, Latin America.…

Walmart acquires Flipkart for US $16b in one of the largest-ever ecommerce deals

INDIA - Walmart Inc. on has announced its high profile acquisition of Flipkart for US$16 billion for a valuation of over US$20 billion, making it the largest ecommerce acquisition in the world. ET Retail has reported that the 77% acquisition deal of the Bengaluru-based company, as per sources, is also the largest buyout for the…

Yum Brands revenue falls 3% as KFC and Pizza Hut fail to beat estimates

USA - Yum Brands, the American global leader in chicken and pizza has reported 3% fall in revenue to US$1.37 billion as its restaurant brands KFC and Pizza Hut fail to reach estimates. According to the company, the overall same-store sales across all of its brands including Taco Bell, Pizza Hut, KFC were up 1%…

McDonald records 5% revenue increase from higher global sales

USA - McDonald’s Corp has posted a 5% increase in revenue and high profits, surpassing estimates by analysts attributed to higher sales in the overseas markets plus an average consumer spending in the US restaurants. According to a report by Reuters, its shares by revenue rose by almost 5% helped by higher global same-restaurant sales…

Swiggy expands footprint in India with new operations in Nagpur

INDIA - Swiggy, one of the largest food and beverage delivery service has started operations in one of the largest cities in India, Nagpur, Maharashtra, expanding its footprint in India. With Swiggy, customers are able to order food and beverage online from restaurants and get delivered right at their doorstep. Known for its superior customer…

Kroger completes sale of convenience store unit to EG Group for US$2.15bn

USA - Kroger, the American retailing company has announced that it has completed the sale of its convenience store unit to the UK based fuel stop and convenience store retailer, EG Group. The transaction includes 762 convenience stores operating under the Turkey Hill, Loaf ‘N Jug, KwikShop, Tom Thumb and QuikStop brands, including 66 franchise…

Grocery retailer Choppies expands into Mozambique, Namibia

SOUTH AFRICA - The Botswana based grocery retailer, Choppies Enterprises Ltd has started operations in Mozambique and Namibia, as it looks forward to expand its footprint into the rest of Africa. According to Business Day, the retailer said it was gaining market share in South Africa where it has witnessed significant improvement especially in the…

Consumer goods manufacturer Libstar to raise US$124m ahead of JSE listing

SOUTH AFRICA - Libstar Holdings Pty Ltd, the South African consumer goods manufacturer and distributor plans to raise US$124 million as well as sell its existing shares held by certain stakeholders ahead of May 9 JSE listing. JSE listing will give it access to additional capital to expand capacity and create additional capabilities in existing…

Choppies half year results show 22% growth in sales and profits

SOUTH AFRICA - Choppies, the Botswana based and JSE listed multinational grocery has reported 22% growth in both sales and net profit and its share price rose 8.3% to US$0.21 for half year results. The trading statement was expected to be announced earlier in March 21 but delayed due to verification and valuation procedure which…

Walmart delivers US$15m in commitment to achieve zero food waste by 2025

CANADA - Walmart Canada has announced a commitment to achieve zero food waste by 2025 after receiving a US$15 million funding from Walmart Foundation to support initiatives and research to reduce food waste in Canada. According to the company, the initiative builds on its long term commitment to food waste, dating from 2005. The company…