Retailers eye Africa for growth
27 September 2011, 10:15
Berlin - Africa is starting to appear on the radar screens of Western retailers as they look for the next growth opportunity in emerging markets while having to cope with subdued consumer spending at home.
Consultants Deloitte and Planet Retail on Tuesday identified five African countries - Algeria, Kenya, Morocco, Nigeria and South Africa - as being among the 10 new markets most likely to appeal to multinational store groups in the coming years.
"All have fast-growing economies, young and growing populations, and fragmented retail sectors," Deloitte and Planet Retail said in a report published on the second day of the World Retail Congress in Berlin.
Africa was thrust into the retail limelight this year when US retail giant Walmart bought a majority stake in South Africa's Massmart Holdings [JSE:MSM], giving it a foothold in the continent's biggest economy and a presence in about 13 other African markets, ranging from Botswana to Zambia.
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