Advertise with fastmoving.co.za
 
 

Majid Al Futtaim Holding, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa.
Majid Al Futtaim Holding, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa.

Carrefour franchisee on prowl for acquisitions to grow in Africa

RETAILER NEWS

By Bella Gebnga, Bloomberg - Apr 3rd, 08:42

Majid Al Futtaim Holding, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa.
 

Growing the franchise in Africa will boost competition for the likes of Shoprite, the continent’s biggest grocer, and Walmart's Massmart Holdings.

Those companies are looking to develop outside their home markets in South Africa, where stagnant economic growth is curbing consumer spending.

The Dubai-based company plans to enter as many as five markets in the next four years, country manager Franck Moreau said in an interview.

South Africa, which has the continent’s most developed retail market, is among the 12 African countries where the company may consider buying an existing entity, he said.

"We have already visited South Africa," Moreau said in the Kenyan capital, Nairobi. "If we enter there, it will not be by creation, it might be by acquisition."

'Different Options'

MAF, as the company is known, plans to add two more stores in Kenya by the end of the year and expects to open in at least one new market in East Africa in that period, he said.

"We are open to all different options," Moreau said. "If we have some information that some owner or group wants to sell, we are not closed, we will study it."

MAF operates in 15 countries. It entered Kenya in 2016 and has since grown the number of Carrefour stores it operates to seven, at a time when rivals including closely held Nakumatt Holdings and Uchumi Supermarkets have been forced to close outlets to cut debt.

The company also sees opportunity for its partnership with online retailer Jumia Technologies AG, which MAF is using to offer express deliveries in Kenya, Moreau said.
Fin 24 

Related News

Retail sales beat expectations in February
19/04/2019 - 12:39
SA shoppers spent more than expected in February, with retail sales growing 1.1% year on year, led by expenditure in the textiles, footwear and clothing sector.

Asian revenue surpasses European for first time at L’Oreal
18/04/2019 - 09:07
L’Oreal got more revenue from Asia than from Western Europe for the first time last quarter as the region’s surging demand for luxury products continued to resist the drag of a slower Chinese economy.

Easter is also a feast for criminals, retailers and consumers warned
18/04/2019 - 09:01
There is a tendency among criminals to use the Easter long weekend - and its spike in shopping - to their advantage, says Richard Phillips, joint CEO of retail cash management company Cash Connect.

Checkers hot cross buns go viral
17/04/2019 - 13:42
Checkers hot cross buns are trending on social media and South Africans are in stitches following the release of a viral video in which a false-positive breathalyser reading was recorded for a police officer.

Clicks says private-label products boosted interim earnings
17/04/2019 - 09:59
Clicks Group says it grew headline earnings by 12.9% to R763.3m in the six months to February thanks in part to better sales of its private-label products and higher profits from its distribution business.