/ 2 October 2011

Massmart eyes 23 new stores in eight months

Massmart Holdings, the South African retailer majority owned by Walmart, plans to open 23 new stores in the next eight months, its chief executive said in a statement.

“In the next eight months alone, we will be opening 23 new stores,” Grant Pattison said in a statement on Saturday.

Walmart in June finalised its $2.4-billion purchase of 51% of Massmart.

Government has since said it would push Walmart to rework the conditions of the deal, citing concern that Walmart’s expansion could squeeze local suppliers and lead to job cuts in Africa’s biggest economy.

Massmart has said its expansion will create 15 000 new jobs in the next three years. It has also promised to procure R60-billion worth of food and consumer goods mainly from local suppliers over the next five years. — Reuters