South Africa's Spar Plans Acquisitions to Boost Market Share [BNN Bloomberg (Canada)]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
shopriteholdings.co.za/investor-centre.html
Company Research
Source: BNN Bloomberg
The company, which is selling its loss-making Polish unit, wants to increase South Africa's contribution to its revenue to 70% in five years from 60%, Chief Executive Officer Angelo Swartz said. Spar, which also owns a chain of building materials stores, plans to expand into pet shops and two other categories, he said. Swartz said the proposed expansion will help take on competition fighting to lure shoppers in Africa's slowest-growing economy after war-ravaged Sudan, and Equatorial Guinea. Companies including Spar are banking on the nation's new so-called government of national unity to prioritize economic growth, key to adding jobs and increasing disposable income. “There's a shift happening in retail in South Africa, particularly among the food retailers who have scale advantage,” Swartz, 42, said in an interview in Bloomberg's Johannesburg office. The larger grocers are trying to maximize their “advantage by going into categories that we weren't involved in before. That natur
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