South African Retail Boom

South African retail big-hitter Shoprite has announced that it has produced excellent results for the 52 weeks to June 2006, posting a trading profit of ZAR1.253bn (US$180mn), which is a 21.3% rise compared to the 53 weeks of 2005. The group has reported a total increase in sales in its stores of 12.8% from ZAR29.704bn (US$482mn). The group attributed these results to strong consumer demand, with the dominant factor being the number and disposable income of the emerging black middle class, which is the main driver for retail growth in South Africa today. The 3.7% increase in trading margin was

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