Shoprite to quit Kenya in reversal of strategy
Although Kenya contributes a small portion to the group’s R157bn revenues from well over 1,6000 outlets, the decision underlines Engelbrecht’s unwavering commitment to deliver returns on invested capital.
08 September 2020 - 08:06
UPDATED 09 September 2020 - 23:45
Shoprite plans to pull the plug on its Kenyan operations by December, stepping up a retreat from a cross-border expansion that once underlined its relentless push for higher returns.
Africa’s biggest grocer, which also reported a 16.6% increase in annual profits, is in the middle of reviewing a long-term strategy pushed by former CEO Whitey Basson, who rolled out hundreds of stores in risky but lucrative markets such as Nigeria, Angola and Zambia...
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