It’s retailing lore now that Massmart was growing hell-for-leather until precisely the time that Walmart decided to invest, at which point the growth engine of local retailing quickly transferred to Shoprite and Woolworths. This is not quite true however; the company continued to grow – in fact 2017 was its best-ever year. It’s just that the growth was sluggish and that after 2017, it started to tail off fast, and then descended into those sad red numbers.
What is more, the total price for both halves will end up at around $1.3-billion, which is about a hundredth of Walmart’s annual profit. It reminds me a bit of that great scene in the movie Casino Royale in which James Bond is trying to stay in a crucial poker game but he has lost all his Royal Majesty’s cash.
But having been overtaken by Amazon in the US, Walmart has been jolted into action, and it needs to inject that same fervour into its investments around the world. Interestingly, Massmart is now trying to get the majority of its delivery times down to a few hours for customers fewer than 30 kilometres from their stores.
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