Shoprite may have found the right formula to beat Pick n Pay and Woolworths at their own game, with strong growth at its upmarket Checkers chain leading to a rise in first-half sales. That more than made up for lost alcohol sales and a tepid performance from its operations outside of South Africa.
The supermarket giant is intensifying its focus on its home market as it retreats from its “Supermarkets Non-RSA” business. It closed the last of its Kenyan stores in February and is awaiting the approval of Nigeria’s competition authorities so it can conclude the sale of its operations in that country. Apart from the impact of Covid-19 restrictions on trading and distribution across the continent, extreme foreign exchange movements have provided further headwinds.
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