S AFRICA: Shoprite hints at Indian exit
South African retailer Shoprite Holdings today (3 March) hinted the company was likely to quit India over frustrations at the rules governing foreign ownership of local businesses.
Shoprite, which first entered India six years ago and at present has only one store in the country, in Mumbai, and is mulling whether to leave the market, a spokesman told just-food.
However, the spokesman said he believes Shoprite was set to decide to quit the market with Indian laws prohibiting direct ownership of consumer-facing stores holding back the company.
"I don't doubt that they will close [the store] but at the moment they are still considering it," the spokesman said.
However, the Shoprite spokesman said the company's management had been left "frustrated" while it waited for the Indian government to relax regulations on foreign ownership.
"They haven't been able to grow to the extent that they wanted to," the spokesman added.
Manufacturers found reason to breathe a sigh of relief last week as Wal-Mart announced it would be reversing a number of the range rationalisation initiatives it undertook as part of its 'Project Impa...
Wal-Mart posted its second quarter results this week, and to the relief of many manufacturers it announced it is looking to return a number of products that were delisted as part of its Project Impact...
Canadian convenience operator Couche-Tard posted record net earnings for the first quarter of fiscal 2011 this week, up 42% against the same period of the previous year. But its efforts to acquire Cas...
Canadian convenience operator Couche-Tard posted record net earnings for the first quarter of fiscal 2011 this week, up 42% against the same period of the previous year....
Wal-Mart has petitioned the US supreme Court to intervene in a sex-discrimination case brought by its female workers....
- Unilever 2016 investor day - the top takeaways
- The key questions for digital strategists in 2017
- Wessanen's move for Spain's Biogran - analysis
- Have food promotions reached tipping point?
- How Tyson's new CEO plans to grow the meat group
- General Mills jobs to go in business revamp
- Japan's Nagatanien buys Chaucer Food Group
- B&G acquires pasta sauce group Victoria Fine Foods
- Verlinvest, China Resources invest in Oatly
- Tyson sets up US$150m investment fund