WAL-MART TAKES ITS TIME FOR ITS AFRICAN FORAY

When Wal-Mart invested US$2.4 billion for a majority stake in the South African retailer Massmart in 2011, global experts and analysts heavily promoted the potential of Africa’s fast growing middle class. However, in the fiscal year to December 2016, more than 90 % of Massmart’s sales still come from the domestic South African market. The group posted a turnover of US$6.65 billion up by 5.4% like-for-like, but such a limited expansion has raised concerns from investors, who are now...