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."
“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."