New venture may shake up shopping malls
Steinhoff and Shoprite could combine to open centres for their own brands
Steinhoff Retail Africa, along with partner Shoprite, is set to disrupt the retail market, if they implement plans to own shopping centres. Shoprite CEO Pieter Engelbrecht said this week: "If you look at all the brands that are currently in the company [Steinhoff] and you add ours, they could be opportunities in real estate where we could open shopping centres just with these brands on their own. "Once we've combined we'll make such a decision. But it could be a possibility because the combined value of real estate is huge between Shoprite and all these brands within Steinhoff Africa," said Engelbrecht. The creation of Steinhoff Africa Retail, known as STAR, will include Steinhoff's African assets such as Ackermans, Poco South Africa, JD Group, Timbercity and men's apparel retailers Dunns and John Craig, Pepkor South Africa and rest of Africa, and Tekkie Town, to name a few, and will result in Steinhoff acquiring a 22.7% stake in Shoprite. Lucrative opportunity Given the close relat...
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