BUSINESS DAY TV: Shoprite hopes the budget brings economic growth
Shoprite CEO Pieter Engelbrecht discusses the retailer’s strong first-half results, Steinhoff’s ditched bid and new growth opportunities. BUSINESS DAY TV: Shoprite has been able to weather the foreign currency shortages in Nigeria and Angola, keeping its shelves full while other retailers buckled. And at home it grew sales at a healthy pace despite the tough economy. Half year revenue at the retailer is up 14%, profits up 50.5%. Joining us with more is Pieter Engelbrecht, who took over the reins from Whitey Basson at the beginning of the year. Pieter, maybe as a starting point, because it’s all over the news today, is the end of a possible deal between Shoprite and Steinhoff Africa’s businesses. Does that change your approach to Africa and where you’re positioning the group moving forward? PIETER ENGELBRECHT: Not at all, in Africa. We have quite a head start in terms of the 26 years of experience that we’ve had in Africa. We’ve had a very good performance from Africa, especially fro...
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