Shoprite reports 18.2% decline in full year profits despite growth in sales

SOUTH AFRICA – Africa’s largest retail chain, Shoprite reported 18.2 percent decline in  full year net profit to US$ 273.12 million (R4.2bn) as the South African retailer struggled to lift sales in majority of the […]

Pick n Pay to engage competition regulator over report on market dominance

SOUTH AFRICA – South African retail chain, Pick n Pay, has said that it will continue to engage South African competition regulators to address its concerns about the retailer’s market dominance in shopping malls. This […]

Shoprite set to open third retail branch in Kenya in expansion strategy

KENYA – South African retailer, Shoprite, has unveiled that it will be opening its third branch at City Mall store in Mombasa, Coast of Kenya in August this year. The retailer says the new outlet […]

Shoprite invests US$1.3m in Botswana’s first distribution center

BOTSWANA – Shoprite Bostwana,  Subsidiary of Shoprite Holding Limited, has opened its first distribution centre in Taung, Gaborone after investing about US$1.31m (P14 million) in the facility. The 3 700 square metre state-of-the-art facility has […]

Shoprite to partner with NEPC in bid to boost Nigerian export

NIGERIA – The Nigerian Export Promotion Council (NEPC) has unveiled that it will be partnering with Africa’s leading retailer, Shoprite, as the council seeks to boost Nigerian exports. The Executive Director/Chief Executive Officer of Nigerian […]

Shoprite’s Edward Kieswetter resigns from board amid proposed share repurchase scheme

SOUTH AFRICA – Africa’s largest grocer Shoprite has announced the resignation of Edward Kieswetter from the firm’s board and the position of lead independent director. Kieswetter also served as the chairperson of the remuneration committee […]

Shoprite shareholders clinch new deal in restructuring strategy

SOUTH AFRICA – Shoprite Holding’s shareholders have entered into a tripartite agreement with potential investors in a move that seeks to dilute Shoprite chairperson Christo Wiese’s voting rights. The agreement with Thibault Square Financial Services […]

South Africa’s retailer Shoprite reports half-year sales growth to US$5.47bn

SOUTH AFRICA – South Africa’s leading retailer, Shoprite reported growth in sale of merchandise to US$5.47 billion, a 0.2% increase, during its half year period ending 30th December 2018 while trading profit fell 15% to […]