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Investment proposition

Massmart, Africa’s second largest retail group, comprises two Business Units operating 423 stores, across 13 sub-Saharan countries. Through our widely recognised, differentiated retail and wholesale formats, we have a leading share in the General Merchandise, Liquor, Home Improvement and Wholesale Food markets.

Strategic and structural clarity

  • Massmart operates through four focused Divisions, each of these a leader in its target market and business model
  • Additional value is created through inter-Divisional collaboration
  • Behaviour is aligned through short-and long-term incentives
  • Organic and acquisitive growth criteria is strictly adhered to

Management depth, quality and diversity

  • The 47 Group and Divisional Executives hold 75 qualifications of which 55 are degrees, are an average age of 37 years, and 15% are African, Coloured or Indian


  • Merchandise – Massmart is the second-largest distributor of consumer goods in Africa, and is the leading retailer of general merchandise, liquor, home improvement and building supplies, and the leading food wholesaler
  • Formats – trading through a variety of formats
  • Customers – serving all mass-market consumers
  • Geography – operating in 13 sub-Saharan African countries

Low risk

  • Earnings underpinned by high cash generation
  • Limited financial leverage
  • Conservative through-the-cycle store opening plans

Good governance

  • Board composition – two executive and eights non-executive directors of whom five are independent.
  • Recognised record of good disclosure
  • Compliant with King IV Report on Corporate Governance for South Africa and included in the FTSE/ JSE Responsible Investment Top 30 Index
  • Member of the Ethics Institute of Southern Africa
  • Founding member of the Institute of Directors


  • Continuously improving the productivity of capital, space and labour
  • Strengthening supply chain activities
  • Upweighting Group private label efforts
  • Complementing store growth through targeted acquisitions and greenfield opportunities
  • Expansion into food retail through Cambridge Foods, Game Foodco and Makro Fresh
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