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South African competition regulators yesterday (31 May) approved Wal-Mart's acquisition of a majority stake in local retailer Massmart. Katy Humphries takes a look at Wal-Mart's African ambitions and discusses the impact that the deal is likely to have on the South African retail scene.
Wal-Mart, the world's largest retailer, has received two pieces of good news in its bid to continue its expansion into the world's emerging markets.
Tesco's full-year results proved disappointing, as expected, and CEO Bill Stritz has said online retailing has played a huge part. Elsewhere first quarter results were out and Co-op saw heavy losses. It has now decided to get rid of some of the Somerfield stores and focus on its convenience offering. There were developments on the Michael Foods acquisition with Post Holdings announcing it had taken over the firm in a US$2.45bn deal. Other acquisitions this week included Daelman's purchase of UK firm Fabulous Bakin' Boys and PE firm Abraaj's acquisition of North African confectioner Kool Foods.
South-African retailer Massmart has announced the resignation of its CEO Grant Pattison.
South African retailer Massmart is set to open seven "low-income" stores in Nigeria during 2014, a spokesperson for the company told just-food today (17 March).
Asda has named former Tesco executive Alex Russo as it new CFO.
An increased contribution from less-profitable food sales and higher expenses hit Massmart's first-half earnings, although the South African retailer grew sales during the six-month period.
Fonterra again dominated the headlines as it grappled with the fall-out of the botulism scare. Import bans mounted and a senior executive resigned. Elsewhere, Heinz announced its first cuts since the takeover of the business, Campbell Soup Co. announced talks to sell a clutch of European assets and US group Pinnacle Foods snapped up Unilever's Wish-Bone dressings business.
South African retailer Massmart, in which Wal-Mart owns a majority stake, has remained coy over a claim it is looking to buy a majority stake in Kenyan retailer Naivas.
Sales at South African retailer Massmart, majority-owned by Wal-Mart, increased almost 9% in the first half of its financial year, although growth slowed throughout the period.
South African retailer Massmart Holdings said its growth remained "steady" in the 20 weeks to 11 November but warned on margins for the second half.
UK confectioner Thorntons has included North America in its target markets overseas after reviewing international opportunities for the business.
UK confectioner Thorntons has signed a deal to supply its products to South African retailer Massmart.
South African retailer Massmart has booked an increase in annual profits on the back of improved sales.
South African retailer Massmart Holdings has confirmed it is in talks to open its first store in Kenya.
South African retailer Massmart Holdings has posted a near 16% increase in annual sales on the back of robust underlying sales and the acquisition of stores owned by local cash-and-carry rival Rhino.
Shares in Massmart Holdings continued their descent today (9 May) after sales gains in the first nine months of the South African retailer's financial year missed expectations and it announced a slew of management changes.
A court in South Africa has dismissed an appeal from the country's government for Wal-Mart Stores' acquisition of a controlling stake in local retailer Massmart Holdings to be reviewed.
Massmart, the South African retailer in which Wal-Mart Stores owns a 51% stake, has posted higher half-year profits.
Shares in Wal-Mart Stores fell today (21 February) after the retail giant admitted price cuts in the US had led to lower margins from its local operations in the last quarter of its financial year.
South African retailer Massmart has reported a 15% increase in half-year revenue, with sales up across its formats.
South African grocery retailer Massmart has posted a drop in first-half profits on the back of costs from the sale of a majority stake in the business to Wal-Mart Stores.
South African retailer Pick n Pay has named Richard van Rensburg deputy CEO as the retailer looks to transform itself into a "world-class retailer".
The South African government and labour unions are to voice their concerns over Wal-Mart Stores' purchase of a majority stake in Massmart, through an appeal court hearing in October.
The South African government is reportedly calling for Wal-Mart Stores to improve the supplier development fund the company said it would set up after securing approval to buy 51% of local retailer Massmart.
South African seafood processor Oceanfresh has announced that its hake fillets will be sold in some Wal-Mart Stores outlets in the US from October.
Nestle is reportedly planning on upping its presence in Nigeria. In the past six years, the world's largest food manufacturer has injected US$400m into its Nigerian business and has plans to spend $70m this year.
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