Spar Group targets diverse markets with premium and discount store expansion

South Africa’s second-largest supermarket chain, Spar Group, is expanding its strategy by opening premium and discount grocery stores to cater to affluent and low-income customers. CEO Angelo Swartz revealed plans to enter niche markets with standalone stores for various products, including pet and baby supplies. Spar seeks to improve its operational efficiency by replacing its problematic SAP (Systems, Applications, and Products) system with a new warehouse management system.

Shoprite acquires Nigerian Malls for R1 amid debt settlement deal

Shoprite Holdings acquired a 60.94% stake in three Nigerian malls from Resilient REIT for just R1, but this transaction also involved Shoprite taking on the responsibility to repay a $45 million loan. This loan was originally provided by Shoprite to Resilient when a portion of the mall assets was sold in 2021. Resilient had struggled to find a buyer for these assets and faced a significant devaluation of the Nigerian naira, making it difficult to repay the loan. With limited interest in the Nigerian mall assets and Resilient unable to repay the debt, Shoprite, which had already exited its retail operations in Nigeria in 2021, effectively became the landlord of these properties to protect its financial interests.

Mango airline sale cleared

The Supreme Court of Appeal in South Africa has ruled in favour of allowing the sale of the low-cost airline Mango, rejecting Public Enterprises Minister Pravin Gordhan’s attempts to block the sale. This decision concludes a seven-month legal battle, enabling the airline to be sold to Ubuntu Air Services, a partnership between DG Capital and Africa Stay. Gordhan had previously delayed the sale process and faced legal setbacks, including a ruling that deemed his actions irrational, unlawful, and unconstitutional. The court’s ruling facilitates Mango’s business rescue process and opens a new chapter for the airline’s future independent of South African Airways (SAA).


In early trading on Monday, the South African rand weakened, trading at R18.80 against the US dollar. In the stock market, the Top 40 index increased by 0.73%, and the all-share index rose by 0.63% in the early trading session. Meanwhile, South Africa’s benchmark 2030 government bond saw a decline in its early transactions, with its yield rising by two basis points to 10.39%.

Week Ahead:

On Tuesday the Euro Zone will report wages data and Canada releasing its Consumer Price Index (CPI). Wednesday will be a busier day, featuring the UK’s CPI and Producer Price Index (PPI), South Africa’s CPI, and retail sales, as well as the U.S. interest rate projection. On Thursday, the United States will announce existing home sales, while Japan will share its CPI data. The week will conclude on Friday with India reporting on bank loan growth and deposit growth.