PALESA VUYOLWETHU TSHANDU: Retailers forget Africa is where the money is
The collective amnesia of South African retail management teams has been nothing short of amazing as their brazen approach to foreign lands has left many with their tails between their legs. And it seems that those who have watched from the sidelines while their peers got burnt are willing to take risks of their own. Last week Durban-based retail group Mr Price announced its foray into Poland, a retail haven for South African discount retailers seeking markets for growth. The group announced that a Home Test store would be opened in Poland between October and November as part of the company's search for international acquisitions to assist diversification. For almost three years Mr Price has been noncommittal about its international strategy, especially after it was forced to consolidate three apparel stores into one outlet in Australia. One analyst went so far as to describe Mr Price's expansion Down Under as its "figuring it out" moment. A note by JP Morgan's Stephen Carrott and D...
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