Says hopes Malawi store will amke R100-200m rand in sales
Massmart to spend R380 million on expansion
Massmart to open 'Game' store in Malawi in Oct 2010
October 9, 2009
Massmart, South Africa's biggest general retailer, will spend about R380 million in 2010 on acquisitions and opening new stores in the country, the company's chief executive said on Friday.
Massmart said it would use half of its planned R760 million capital expenditure for 2010 on acquisitions and new stores and the other half on maintaining current operations, chief executive Grant Pattison told Reuters in an interview.
"We typically acquiring large independent retailers who service the lower income groups in food retail", but could not name the targets. They are all over the country and they are typically located around commuter notes," said Pattison.
Massmart, which owns the Game general merchandise stores and the Makro discount chain, said it would open a Game chain store in Malawi in October 2010 that would hopefully generate between R100 million to R200 million rand per year in sales. - Reuters
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