Shoprite Invests €510m In Angolan Supermarket Chain
South African retail group Shoprite plans to invest US$ 572 million (€510 million) in Angola to increase its distribution network, which consists of 53 stores.
Lusa news agency reports that a commission has been set up to negotiate tax breaks and Shoprite’s investment.
The retailer has already invested US$ 50 million (€44.6 million) in its renovated store in Palanca, Luanda. Boasting 4,500 square metres, the largest of its kind, the hypermarket was destroyed by a fire in July 2014. Since re-opening in April 2016, it employs 400 workers, 100 more than previously, and is one of the busiest stores in the Angolan capital.
The overall investment is aimed at "building and the opening of shopping centers, supermarkets and a warehouse, as well as making improvements in existing structures", as well as purchase of equipment.
An earlier statement by the South African group anticipated the creation of 14 more Shoprite stores nationwide by 2017, creating 4,000 new jobs.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.