COMPANY NEWS IN BRIEF
Shoprite launches new clothing storeShoprite, South Africa's biggest grocery retailer, launched its first standalone clothing store in Cape Town on Thursday.
Called UNIQ, the first branded shop will be situated at Canal Walk Shopping Centre. Including this store, the JSE-listed company is scheduled to open a total of eight shops in the next month.
While the company has traditionally been associated with its dominant position in the middle to lower end of the market, it is understood that the chain will offer a range of different clothing in a higher price category.
Market analysts have welcomed the move by Shoprite, saying it had the potential to shake up the clothing sector.
ClucasGray portfolio manager Brendon Hubbard said Shoprite as a group had been very innovative with its unique offerings in sectors such as financial services, pharma and liquor as it looked to grow its business in recent years.
"They are clearly looking to take market share from their competitors."-Fin24