Markets/Africa and Middle East/News

Africa & Middle East news & analysis

09 April 2014
Speaking at the Reuters Africa Investment Summit in Johannesburg, Mark Turner, Massmart's Africa director, said the retailer was aiming to open two stores in the market by 2015 and was building its first store in Kenya. Expansion will meet strategic aim Massmart’s entry into Angola will help it meet the strategic aim of expanding into fast growing markets in sub-Saharan Africa. The two stores...
09 April 2014
South Africa-based Woolworths has announced that it will acquire Australia-based department store chain David Jones for ZAR21.4 billion (US$2.0 billion). Acquisition will create ‘ a leading southern hemisphere retailer ’ Woolworths, in its statement announcing the acquisition, said that the purchase of David Jones will create a ‘ leading southern hemisphere retailer with pro-forma combined FY...
03 April 2014
The latest news from leading players in the region including South Africa-based Shoprite’s opening of a store in northern Nigeria, further delays to Sonae’s first hypermarket in Angola and how Nakumatt’s acquisition of Shoprite’s stores in Tanzania has been postponed, amongst other items. Shoprite opens store in northern Nigeria As part of the retailer’s strategy to open 44 supermarkets outsi...
03 April 2014
Continuing its investment in the region, Carrefour’s franchisee Majid Al Futtaim (MAF) has announced plans to expand in Egypt and a number of countries in the MENA region. MAF receives official endorsement in Egypt Majid Al Futtaim said that it had received official endorsement from the country’s Prime Minister Ibrahim Mehleb for its five-year investment plan, which is set to be worth EGP16.5...
02 April 2014
At the M&S Investor Seminar in Paris this week, the retailer has revealed its international expansion plans to open 250 new stores. Four key growth areas Over the next three years, M&S aims to grow international revenue by 25% and international profits by 40%, achieving this by the four key growth areas below. 1. Grow its presence in existing markets and drive business in its priorit...
05 March 2014
Turkish discount retailer BIM has announced its 2013 results, revealing that net sales rose by 19.6%, reaching TRY 11.8bn (€3.8bn). The retailer also enjoyed double digit growth in like for like sales, reporting an increase of 10.8% for the full year. Net income rose 24.4% to TRY 413m (€134.7m).   Store count continues to grow at home and abroad During 2013, the retailer continued to o...
05 March 2014
Carrefour has reported growth in recurring operating income of 9.8% for 2013, at constant rates, and +5.3% at current rates. It saw improvement in all formats in France, with a rebound in profitability in other European countries in the second half.   Strong growth in earnings, improvement in all formats in France Recurring operating income was up 11.3% in Europe. In France, operating incom...
04 March 2014
South Africa-based, Walmart-owned Massmart has, in the last week, reported its annual sales, discussed opportunities in Nigeria and concerns about how an increase in interest rates may affect consumer confidence and spending in its home market. ‘Extra week’ boosts annual sales In its annual results statement Massmart said that total sales had risen by 9.8% to ZAR72.3 billion (US$6.68 billion)...
28 February 2014
Kenya-based Uchumi has announced results for the first half of its 2013/2014 financial year saying that net sales fell to KES7.29 billion (US$82.9 million) from KES7.59 billion (US$86.3 million) during the same period in the previous financial year. Number of reasons given for sales fall The retailer, which operates in Kenya, Tanzania and Uganda, gave a number of reasons for why it had seen a...
26 February 2014
At Walmart International’s meeting for the investment community this week, its new President and CEO, David Cheesewright outlined the priorities for the division under his leadership. Simplifying the business In his first set-piece presentation heading up Walmart International, David Cheesewright outlined six key areas of focus for the next 12 months. The key theme of the presentation, an...