Business News: Xenophobia has Shoprite losing sales in other countries

Business News: Xenophobia has Shoprite losing sales in other countries

- Shoprite has revealed that xenophobic violence has impacted its turnover in its first quarter since the attacks

- Recording a decline of 4.9%, the group is reviewing its return on African investments

- Nationally, the group managed to grow sales by 10.3% in the same period of time

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Xenophobic violence in South Africa has seen Shoprite recording a decline in sales outside of the country.

The largest grocer in the country revealed that a 4.9% decline had followed the violence seen locally.

Briefly.co.za reported that the violence had been largely centered in Gauteng where shops owned by foreign nationals had been targeted by raids.

The incidents of violence had sparked retaliation attacks on South African owned business interests such as Shoprite and MTN.

READ ALSO: Fallout from xenophobia: African leaders boycott World Economic Forum

Shoprite says that with currency devaluations and a need to close branches in Nigeria following the backlash against the xenophobia in SA has the group reviewing its return on capital invested in other countries.

In South Africa, the group's sales enjoyed a 10.3% growth spurt during the same time with its Usave division leading the way, Sowetan LIVE reports.

The company's rewards programme was recently launched and has exceeded expectations with over a million customers signing up during a single week.

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Source: Briefly.co.za

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