S. African Firm To Open Retail Outlets In Ghana

Foschini PixThe Foschini Group (TFG), a Cape Town-based firm, says it will open five branches in Ghana in line with the company’s plans to increase its operations in Africa.

Doug Murray, TFG’s Chief Executive said in Johannesburg on Monday that his company would open five stores in Ghana by next March as part of a four-year plan to more than double the number of its stores across Africa.

The South African company operates 17 retailer brands ranging from women’s fashion to jewellery.

TFG is also the biggest seller of Adidas AG and Nike Inc products in South Africa.

Mr. Murry said TFG was also looking at entering Angola, Kenya and Mozambique.

The company already operates in several African countries, including Nigeria, Zambia, Botswana and Namibia.

Currently, TFG operates 120 stores outside South Africa.

The South African retailer has been looking for new revenue streams elsewhere on the fast-growing continent where sales growth is higher.

“The rest of Africa is a long-term play, last year it gave us close to 26 per cent sales growth,” Mr. Murray said, adding “We’ve got to be there.”

Meanwhile, TFG has said that it will boost its profit by encouraging customers to spend cash in stores to curb the impact of credit card defaults.

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