South African fashion retailer, the Foschini Group is considering shutting down its Kenya and Ghana businesses.
The firm’s Chief Executive Officer, Anthony Thunstrom, affirms that at least, six stores will be affected in both countries.
South African retailers have recorded poor performance in the last year, due to slow economic growth and currency devaluations that had hit sales.
In July, department store chain, Woolworths pulled out from West Africa for a second time.
The Foschini Group will review economic growth, legislature and lease negotiations in Kenya and Ghana before making its decision.
Come September, in its home market, Thunstrom says The Foschini Group will launch a smaller format Sportscene store that will enjoy entertainment features such as a basketball court and a DJ booth, in an effort to lure millennials into its stores and away from online players such as Naspers’ majority-owned Superbalist.
The store will be launched in September in Johannesburg’s upscale Sandton shopping and financial district.
