Bloomberg News

Massmart Plans to Repeat Price Cut Promotion, Open 23 New Stores

October 02, 2011

Oct. 2 (Bloomberg) -- Massmart Holdings Ltd., the South African retailer controlled by Wal-Mart Stores Inc., will repeat a price-cut promotion at its stores and open 23 new outlets over the next eight months.

Massmart reduced prices for 10 weeks starting in July, shortly after Wal-Mart’s acquisition of a controlling stake was approved by South African authorities. The latest promotion will run from today until Dec. 4, according to an e-mailed statement from the company. The first promotion saved consumers over 50 million rand ($6.1 million), the company said.

The company will open 23 new stores in the next eight months, which will help its plans to create 15,000 jobs over the next three years, Massmart Chief Executive Officer Grant Pattison said in the statement.

--Editors: Alex Nicholson, Torrey Clark

To contact the reporter on this story: Sikonathi Mantshantsh in Johannesburg smantshantsh@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at Kwong11@bloomberg.net


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