THE BIG READ
Shoprite halts eastern Europe for East Africa
Retailer looks closer to home after collapse of Steinhoff transaction
You could be forgiven for mistaking Shoprite's head office as a place where not much of any importance happens. But the modest white and grey building, neatly tucked away on the corner of William Dabb Street and Old Paarl Road in Brackenfell, Cape Town, is the heart of Africa's biggest retailer. A place where critical decisions are taken. It is also where the same decisions are sometimes reversed, such as the group's plans to expand in eastern Europe. Speaking to Business Times this week from the group's "home" office, CEO Pieter Engelbrecht said the retailer had put its eastern European ambitions on hold after the collapse of the ill-fated transaction with Steinhoff's rest of Africa subsidiary, Steinhoff Africa Retail. In August last year, STAR proposed acquiring a 23.1% stake in Shoprite, which would have allowed it to boast a 50.6% voting interest in Shoprite. Engelbrecht confirmed this week that the deal was off. "If hindsight is the perfect sight, it's very good that it never w...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.