Sunday, August 14, 2011

Billionaire Wiese Targeting Nigeria as Wal-Mart Seizes Foothold in Africa

Bloomberg: "South Africa’s biggest clothing company, Pepkor Ltd., plans to expand into Nigeria as retailers including Wal-Mart Stores Inc. (WMT) fight for a share of some of the world’s fastest growing retail markets.
“Africa is awakening,” Pepkor Chairman Christo Wiese said in an interview in Cape Town on Aug. 10. “It’s a huge market of almost a billion people with huge resources and a young population. People spend when they’re young.”
Pepkor, which targets low-income earners, plans to open its first Nigerian store this year and may invest as much as 100 million rand ($14 million) in the first stage of its expansion, which may see about 50 outlets opened in Africa’s most populous nation, the billionaire said."