A trading update for the first half of the year from Massmart on Friday spooked investors who had been banking on a stronger recovery. Game is at the centre of the problems.
It is not yet clear just how extensive the destruction of particularly retail and warehouse property and the looting of stock in the unrest in KwaZulu-Natal and Gauteng was.
Promoted | South African brands love a chatbot, don’t they? It’s not hard to see why. It’s a convenient, cheap and cheerful way to solve everything. Right? Not quite.
Massmart, the South African retail group owned by US giant Walmart, said 41 of its stores, which include Builders, Makro and Game outlets, were looted and trashed in this week’s violent carnage.
Business leaders in Durban are crying out for more decisive action to curb the widespread looting and anarchy in KwaZulu-Natal, including an immediate state of emergency.
E-commerce was one bright spot in an otherwise mostly grim set of results from Walmart-owned retail group Massmart for the 2020 financial year ended 27 December.
Massmart-owned electronics retailer DionWired is gone. The troubled Walmart-owned retail group said on Thursday that all DionWired stores will cease trading at 6pm on 19 March.
Massmart plans to close the 23-store DionWired chain of hi-tech appliance shops as well as 11 Masscash wholesale outlets, a spokesman said by phone on Monday.
Forward-thinking businesses in South Africa are now starting to confront life without Eskom by putting plans in place to generate their own energy.
Massmart-owned retailer Makro has acquired a majority stake in delivery start-up WumDrop. With the acquisition, the company said it plans to shrink the window between a customer order from three