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VENTURES AFRICA – JSE-listed discount clothing retailer, Mr Price, opened 37 new stores in the third quarter of last year, indicating that the firm was committed to an aggressive expansion drive.
The South African retailer did not name specific areas and countries where these stores were opened but said it had increased its trading area by a net 14,385 square metres.
Now the firm has 1 075 stores including South Africa, Namibia, Kenya, Botswana and Tanzania.
Last year, the firm said it was no longer considering franchises in Nigeria and Ghana as test operations as these had performed well.
During the quarter under review, Mr Price posted total sales increases of 14.8 percent compared 10.5 percent growth in previous reporting period.
The retailer attributed this performance to its strategy of paying more attention to cash sales and cutting down on credit sales.