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Steinhoff scandal rocks retailThe corporate scandal involving global retailer Steinhoff International dominated headlines last week. The company's CEO Marcus Jooste resigned amid information that came to light relating to accounting irregularities that required further investigation. The news caused Steinhoff shares to plummet. In 48 hours, Steinhoff's losses were greater than the estimated losses to the country in the Gupta-orchestrated state capture scandal. In today's top story, Disrupt Africa's Afri-Shopping: Exploring the African E-commerce Startup Ecosystem Report 2017 reveals that less than 30% of African e-commerce startups are profitable, as ventures tackle issues such as lack of funding, shortage of trust and logistical difficulties. In other Africa news, Heineken has laid the foundation stone of its $100-million brewery in Mozambique, while Swiss food giant Nestle announced that it would close its factory in Kinshasa, Democratic Republic of Congo, by the end of January. In must-read research news, an IRI report shows that South African shoppers buy more healthy and organic food than their European counterparts, a trend that IRI believes food retailers and manufacturers could use to their advantage. And Nielsen reports on the excellent growth potential in SA's R43bn Private Label retail category. Ending on a lighter note, I interviewed the brains behind Greenleaf + Terroir, a newly-launched pre-mix of locally produced, small-batch gin and craft tonic, who hope to shake up the pre-mix drink category in SA. Enjoy! Lauren Hartzenberg Retail Editor: Bizcommunity.comComment online in our ed's column archive. Go mobile with apps and m.bizcommunity.com. Engage with us on Twitter, Facebook, LinkedIn and Google+. Subscribe to YouTube and via RSS. Send all your retail news and event invitations to retailnews@bizcommunity.com, exclusive opinion pieces to contributors-retail@bizcommunity.com and international news to internationalnews@bizcommunity.com. Read "How to contribute to Biz, from op-ed pieces to news". | | | Top stories |
Gabriella Mulligan Less than 30% of African e-commerce startups are profitable, as ventures tackle issues such as lack of funding, shortage of trust and logistical difficulties...read |
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| | | | | | Mastercard launches Kionect for Nairobi's smallest shopkeepers - a mobile ordering and payments solution enables kiosk owners to access micro-loans... read | | | | Surge in consumers' use of messaging and social media is transforming their expectations of service, says new BT and Cisco research... read | | | | Montego Pet Nutrition has launched its sixth annual Click2Feed campaign, an initiative aimed at feeding hungry animals nationwide... read | | | Sindy Peters Food Forward South Africa has over the last two years developed a virtual platform that allows it to streamline how it carries out its mission... read | | | | Sunita Menon Despite the Absa purchasing managers' index (PMI) spending six months in contractionary territory, the Manufacturing Circle is adamant that manufacturing is SA's greatest opportunity for job-rich growth... read | | | | US internet giant Amazon launched in Australia on Tuesday in time for Christmas, with retailers scrambling to cut costs and boost their online offerings... read | | | Amazon's Australia launch was the company's biggest-ever opening day for orders, the US giant said on Wednesday, but some shoppers were underwhelmed... read | | | Black Friday proved to be more popular than Cyber Monday this year, says automated payments clearing house BankservAfrica... read | | | Issued By GfK South Africa South African retailers saw strong sales during the week of Black Friday this year. Panel television unit sales experienced 47% growth and smartphone sales leaped 63% compared to the same week in 2016... read | | | Jumia Food and Pernod-Ricard Ghana have joined forces to launch Jumia Party - a one-hour alcohol delivery service app that gives Accra users access to a marketplace of spirits... read | | | Tom Jackson South African online ticketing startup Quicket has a "massive focus" on expanding to other African countries next year as it looks to create a truly pan-African solution for events... read | | | | Julius Bizimungu The fourth edition of the annual Made-in-Rwanda Expo concluded yesterday with a call from leaders to embrace locally produced products... read | | | | Meagan Duckitt Wednesday, 29 November saw the launch of Guess' Summer range at The Lookout in Cape Town V&A Waterfront. read | | | Luciano Benetton, one of the founders of the eponymous Italian clothing company, announced his return on Thursday to the helm of the struggling company... read | | View gallery | | View gallery | | | | Lauren Hartzenberg Greenleaf + Terroir intends to shake up the pre-mixed alcoholic drink market, which has, for the most part, failed to truly win over consumers... read | | | Toast Ale South Africa has plans to produce a craft beer that utilises surplus bread from local companies, which would otherwise be discarded... read | | | Eleonore Voisard These Tunisian women have some sauce, pooling their resources and a seasoned culinary expertise handed down the centuries from mother to daughter... read | | | Heineken has laid the foundation stone of its first brewery in Mozambique, which will brew beers for the domestic market... read | | | | Joburg and Durban beat Cape Town and Pretoria as the cities that order the most chicken during the working week. While trend-conscious Cape Town chose sushi as its lunchtime delivery of choice... read | | | | Tougher regulation, global supply chains, materials from fewer suppliers and consumer awareness are contributing to a rise in recalls, says Allianz Global Corporate and Specialty (AGCS) report... read | | | | On paper the South African legal system provides ample protection for consumers regarding false claims about so-called health products. But in reality, the truth is very different... read | | | | Issued By Scan Retail Scan Retail's new product, the Showbox, is a 360° glass showcase made for high-foot-traffic areas in malls and shopping centres, where it provides an extra marketing platform for retailers... read | | | | Philip Morris International has opened its first South African boutique store at the V&A Waterfront in Cape Town... read | | | Robert Laing Steinhoff International CEO Marcus Jooste resigned on Tuesday night, ahead of the furniture retailer's results scheduled for release on Wednesday... read | | | Steinhoff International's share price continued to plummet in heavy trade on Wednesday as fears mounted of long drawnout investigations by regulatory authorities in Europe... read | | | Issued By Nielsen | | | | Brandon Williams Issued By Creative Shop Through our years of experience in the retail design and shopfitting industry we have seen how optometrists can attract more customers into their stores and improve their profits through great retail design... read | | | | Kraft Heinz extended their cage-free egg policy commitment to Asia and Africa, commits to global 100% cage-free egg supply chain by 2025... read | | | | Leo Rosten "Some things are so unexpected that no one is prepared for them." Nathaniel Hawthorne "Mountains are earth's undecaying monuments." Blaise Pascal "Eloquence is a painting of the thoughts." Marianne Moore "If technique is of no interest to a writer, I doubt that the writer is an artist." Mother Teresa "We shall never know all the good that a simple smile can do." | More quotes Submit a Quote | | | |
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