South Africa’s biggest retailer Shoprite is selling over 400 of its stores to a smaller rival as it focuses on expanding its specialist outlets.
South Africa’s largest retailer Shoprite will sell its furniture unit to Pepkor, as it focuses on expanding its specialist clothing, baby, outdoor, and pet stores.The purchase consideration represents around 4% of Pepkor’s market capitalisation and will be settled in cash.
For Pepkor, the continent’s biggest clothing retailer, which has struggled to scale up its business that sells beds, sofas and appliances, the purchase will help boost stores by a quarter to 1,300. Explaining the move to buy the stores, Pepkor said that its JD Group business—recently rebranded as Pepkor Lifestyle—already operates more than 900 retail stores in South Africa, Botswana, Lesotho, Namibia and Eswatini.
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