Shoprite: Slowly decoding Whitey’s grand designs
All in for growth in Africa, creating gigantic distribution centres and extending the reach of IT systems
Anyone who doesn’t believe in the importance of timing should take a few minutes to consider Shoprite and former CEO Whitey Basson’s history. Part of Basson’s great success was his timing and the fact he turned every favourable development to his, and his company’s, huge advantage.
He made successful pioneering moves outside SA, developing a more impressive non-SA network than any other retailer. Ahead of the implementation of tough new competition legislation he was able to acquire his struggling major competitors for a song.
The extension of social grants and a comparatively stronger economy combined with outstanding management talent saw the Shoprite share price (https://www.sharenet.co.za/v3/quickshare.php?scode=SHP) reach an all-time high of R260 in March 2018. On Thursday it closed at R120.65...