SA's big retailers in the limelight - 20 Feb 2017

SA's largest and oldest retailers have been the focus in our latest news. In today's top story, the rescue plan to save 159-year-old Stuttafords may hit smaller creditors hard and critics are saying that, for small suppliers already on the breadline, writing off more than 77% of what they're owed by Stuttafords could cause them to go bust.

Meanwhile, the mega tie-up between Shoprite and Steinhoff is causing jitters as questions remain around whether SA's wealthiest man, Christo Wiese, will be allowed to vote his shares in the mega Shoprite-Steinhoff deal.

In other big news, Moody's Investors Service has joined other ratings agencies and withdrawn all of its ratings on Edcon, saying Edcon's capital restructuring will short investors on what the company had initially promised them.

On a more positive note – it's Monday after all – Woolworths is looking to source more goods from SA and the Southern African Development Community and, despite the ‘tough' retail scene, expects to grow its market share. The retailer's CEO, Ian Moir, says this focus has proven to be good for business thus far.

Enjoy the read, and have an inspired week!

Lauren Hartzenberg
Retail Editor: Bizcommunity.com