Local is lekker again for House of Busby
Most of the group's 21 brands are international, but CEO Mark Sardi says the group will not acquire any more licensing rights for international brands
About two years ago, the House of Busby had about 300 stand-alone and concession stores, but the retailer hit the pause button on expanding when it picked up signs of a crisis in the retail sector. "We regularly review our brand portfolio and adjust our brand mix dependent on market conditions and consumer preference. Those that don't meet the return hurdles are placed in the departure lounge," said Mark Sardi, CEO of the House of Busby, while strolling through Sandton City on Wednesday. Warning signs included the stringent regulations that made it difficult to extend credit to customers, declining consumer confidence, limited discretionary spend and an influx of new global competitors. Harder look at retail As he visited the group's new cosmetics store, 3INA (pronounced Mina), Sardi reflected on the state of the retail sector. "All retailers are going to take a much harder look at their retail portfolio" and ask whether they should be in certain environments, they should move, or t...
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