Massmart to Spend $313 Million on Expansion, 40 Stores
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Massmart Holdings Ltd., South Africa’s biggest food and goods wholesaler, will spend about 2.6 billion rand ($313 million) in the second half of this year and 2013 as it expands and plans to open as many as 40 new stores.
Massmart expects net trading margins to start climbing from 2014 once the company “overcomes the hurdles” of increasing its number of distribution centers and upgrading its technology systems, Chief Executive Officer Grant Pattison said on a conference call today.