The Spar Group's share price has outperformed rivals over the past few years, aided by a strong performance from its liquor brands and gains in market share. Since January 2014, Spar's share price has gained 59%, while Woolworths' and Shoprite's have tumbled about 20%. In the same period, Pick n Pay's has risen 33%. Alec Abraham, equity analyst at Sasfin Wealth, said Spar had a simple, robust model. The group has an almost 30% share of the food and grocery market yet it doesn't run most of its stores, he said."They're better than the typical wholesaler because they've got captive market in the guild members and they're better than a pure-play logistics operator because they've got a captive market in delivering supplies to those guild members," Abraham said. "They are a strong distributor and that's what they should stick to."Casparus Treurnicht, a portfolio manager at Gryphon Asset Management, said Spar was grabbing at the market share of Pick n Pay and even Woolworths."R...

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