Cape Town, South Africa -- A Tuesday report by Bloomberg said that Shoprite Holdings Ltd. has announced plans to speed up its store expansion this year as it faces increased competition from Wal-Mart Stores.
South Africa’s largest retailer by market value, Shoprite said it will add 106 stores by June 2012. That compares with 96 openings in the same period last year. The company currently operates 1,246 stores.
Wal-Mart is making its market debut in the region, as it has taken controlling interest in Massmart Holdings Ltd. for $2.3 billion.
“We have to open new stores to keep growing and keep market share,” Shoprite CEO Whitey Basson said at a press conference. “It’s still profitable to open stores and keeps us ahead of competitors.”