Africaâ€™s largest food retailer, Shoprite Holdings has soughtÂ for more opportunities in East Africa as it plans establishing in Kenya before the year runs out.
The Chief Executive Officer of the firm, Pieter Engelbrecht made this disclosure atÂ the presentation of the companyâ€™s half-year results.
Engelbrecht pointed out that the company decided to explore the Kenyan retail sector having figured a weakened competitor, hence he isÂ optimistic of gaining a larger market share.
â€œFive years ago, Kenya wasnâ€™t considered by us because they had three very big retailers there; starting last year, the retailers in Kenya were in total disarray and we were able to secure seven sites and leases.
â€œWe have not changed our focus to say weâ€™re not looking at the continent anymore. We have grabbed that opportunity, weâ€™re going to Kenya,â€Engelbrecht affirmed.
Reuters reported that South African retailers had struggled to lift earnings at home as high household debts squeeze consumer income, although Shoprite has fared better than others with its focus on budget-conscious consumers, including more than 1w0 million South Africans on welfare grants.