Spar Sees Muted Store Growth as South African Economy Stalls
Spar Group Ltd. expects muted store growth in the next year as South Africa's second-largest grocer by revenue seeks to focus on restructuring the property portfolio in its home market as it also prepares to sell its Swiss and UK businesses.
Rapid expansion of retail space in South Africa has raised questions about sustainability, particularly in light of an economy whose growth is slowing and narrowly avoided contraction in the first quarter. The National Treasury last month lowered its forecast for annual expansion in gross domestic product over the next three years for the continent's biggest economy.
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