South African retailer Massmart Holdings has started talks with unions to cut up to 1,800 jobs at the company’s struggling Game stores, after an ‘indifferent performance in the 2019 financial year’ followed by the impact of the COVID-19 pandemic this year. Game, a general merchandise chain,...
The South African government will reopen its agriculture sector and allow some manufacturing and retail to resume, in order to kickstart the economy which has been shut down for over a month to curb the spread of COVID-19. This follows President Cyril Ramaphosa’s announcement on Thursday...
Shoprite Holdings’s basic headline earnings per share fell 19.6% to 780.8 cents in the full-year to June 30, despite an improved performance in its home South African (SA) market in the second half of the year. The owner of the Checkers and Usave retail chains was...
Jumia Technologies has listed on the New York Stock Exchange (NYSE), becoming the first African startup to list on a major global exchange. Shares in the e-commerce company, dubbed ‘the Amazon of Africa’, began trading at an opening price of US$18.95 under the ticker JMIA, but...
Steinhoff International will separately list its African retail businesses on the Johannesburg Stock Exchange (JSE). The South African retail group will look to consolidate its African assets, which include clothing retailer Pepkor and furniture chain JD Group, prior to listing on the JSE. Steinhoff will continue to hold...