Foschini Group plans to open 200 new stores to boost market share
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THE Foschini Group (TFG) aims to open 200 new stores this year as part of its plan to gain market share.
“We are not going to be opening them in Sandton, Canal Walk and the V&A Waterfront; there are enough stores there,” group chief executive officer Anthony Thunström told journalists yesterday, saying there was opportunity for store growth in semi-urban and rural areas.
Thunström also said TFG was preparing to launch ten new JET Home standalone stores by the end of this month.
TFG acquired 371 JET stores for R480 million citing that it was a unique opportunity, which previously was not possible at an attractive price.
Meanwhile TymeBank yesterday announced it has entered into a strategic partnership with TFG that will see the introduction of TymeBank financial products and services both instore and on digital platforms for the benefit of TFG’s more than 26 million customers in South Africa.
TymeBank CEO Tauriq Keraan commented: “TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength and strong customer focus. We couldn’t be more excited with our strategic partnership as we look to expand our reach. Furthermore, we are likely to diversify the current TymeBank customer profile as we further extend the benefits of affordable banking as well as a superior banking experience to the middle and upper-middle market segments.”
Thunström said: “We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest growing digital banks globally. The bank has deep expertise in managing a digital ecosystem platform plus related products and services and I believe TFG’s customers will benefit from an enhanced shopping experience.”
BUSINESS REPORT ONLINE