Uganda’s retail sector impacted by exit of foreign investors from the economy

UGANDA – The government of Uganda has launched an investigation into the mass exodus of big foreign companies from the country, the latest being the planned divestment of Massmart’s Game store in the country. The probe also aims to finding out whether there is something government can do to avert any other similar exits and whether there are any other regional markets that are taking advantage of the situation. “We are studying this. I assigned my team to find answers to why each of these companies has exited, the likely…

Read More

UberEats enters into an exclusive partnership with Game stores to offer delivery services

SOUTH AFRICA – UberEats SA has partnered with Game Stores, a subsidiary of South Africa’s retail giant Massmart Holdings, to deliver food and essential products to customers during the nation-wide level four lockdown. The Uber Technologies-owned delivery service has signed an exclusive deal with Game, which allows customers to order Game essential products online, and have them delivered to their doorstep, reports ITWeb. Game, which has its own delivery service, says it is experiencing significantly high volumes of online orders. “The pandemic has made us rethink how we do business…

Read More

South Africa’s retailer Massmart reports half year loss on increased costs

SOUTH AFRICA – South African retailer, Massmart reported a net loss of R832.4m (US$54.43 million) in the six months to end-June on increased costs that weakened growing sales. The Walmart-owned retailer, whose brands include Makro and Game, said that net finance costs grew to R909.6 million (US$59.49m) from R299.7 million (US$19.6m) a year before as borrowings rose sharply. Massmart said tough trading conditions in South Africa and other African markets weighed on sales growth and placed pressure on margins. Despite a higher depreciation and amortisation charge, asset write-downs, foreign exchange…

Read More

Massmart Holdings subsidiary Game stores opens new branch in Kenya

KENYA – Game Stores, a subsidiary of South Africa’s retail giant Massmart Holdings, has opened its third outlet in Kenya at Kisumu’s Mega City Mall, in western region of the country. The branch, which is the retailer’s first outlet outside the country’s capital, signals Games’ continued expansion in Kenya and adds to its currently operating stores in Garden City and Karen Waterfront within Nairobi. Massmart, which also owns Makro, Builder’s Warehouse and CBW retail brands, had earlier this year announced plans of opening 47 new stores between 2019 and 2021.…

Read More