CONSUMERISM in Africa is growing at a rapid rate. Africa Inc speaks to Shoprite’s CEO Whitey Basson about what the continent’s largest food retailer is doing to gain market share and also looks at how informal trade still has a place in the retail sector, while online shopping grows in popularity. The African Development Bank expects Africa’s middle class to grow by 1-billion by 2060 and it is this section of the population that is expected to drive consumerism. Jason McCormick, managing director of McCormick Property Development, says the company is looking to provide retailers with the space to take advantage of the growth in consumerism in Africa. He says the trend in South Africa’s townships and developing areas is a move towards bigger, fancier malls as income levels and aspirations of consumers increase. In the rest of Africa however, the company has noticed a decrease in the size of malls as commodity rich economies face a slow down. The company has 26 shopping malls in South...
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