Connect with us

Business

Shoppers store to exit Station Market

Published

on

Sefalana Group is planning to relocate Shoppers store from Station Market where it is struggling to make profits, says Managing Director, Chandra Chauhan.

Speaking to the Business Trends, Chauhan said the retail sector has recorded 12 percent growth but some of the shops are struggling. “Although we have this growth, our Shoppers store at the Station Mall is struggling and we are planning to exit that market,” said Chauhan.

He was speaking on the sidelines of the company’s recent announcement of its interim results to October 2015.  He explained that they will not close the shop but they will relocate it to another place. The shop is not making profit but it is breaking even therefore struggling to pay rent.

“We are not making a loss as such but we are breaking even. This is going to become a loss because the rental is expensive. The location of the shop is not in a good place for consumers because most people are now shopping in Rail Park Mall,” said Chauhan.

Chauhan said the retail division is gaining traction in the Botswana market as the number of stores increases an awareness of house brands. Turnover amounted to over P1.2 billion which was 13 percent up on the same period last year and profit before tax amounted to P46, 3 million which was 28 percent up on the prior period. 

Sefalana cash and carry Limited contributed 66 percent and 58 percent of the Group’s revenue and profit before tax for the reporting period. During the period the group opened Shoppers Supermarkets in Mogoditshane and Hukuntsi bringing the current retail outlets to 22 and a total number of Sefalana stores across Botswana to 50.

In November 2015 the group launched Botswana’s first online shopping site, which Chauhan said is receiving positive feedback from customers. “We are pleased to be leaders in the market with this initiative and although still in its infancy, we are receiving a lot of positive feedback from our customers. We are excited about this channel and look forward to seeing this grow as we enter into 2016 and our customer base becomes more sophisticated,” said Chauhan.

He said they continue to seek additional suitable locations for further store openings as they are targeting 70 stores across Botswana.

Continue Reading
Comments

Business

Matambo calls on financial sector to pick GDP

Published

on

Finance Minister, kenneth Matambo

Finance Minister Kenneth Matambo has announced that government is committed to support financial service sector to prop up the country’s Gross Domestic Product (GDP).

Currently contributing over 13 percent to GDP, Matambo said the sector has potential to increase its share. “Hence government’s interest in the sector,” said Matambo addressing delegates at the inaugural Botswana Insurance Holdings Limited (BIHL), Global Financial Summit.

The country has built a strong, resilient and fast growing financial sector underpinned by a robust regulatory framework. The finance minister who is expected to step down next year, noted that government’s commitment to the financial service sector has this year been buttressed by a number of laws passed in July relating to money laundering activities.

In addition, Matambo said the continued investment in the development of information, communication and technologies (ICTs) backbone infrastructure is also to support local banks’ rising appetite for online services.

The Minister said the country remains committed to maintaining micro-economic stability to spur private sector participation in the economy. “Our vision is to become a high income country by 2036,” said Matambo, challenging the private sector to step forward and help government to develop the country, bemoaning the low levels of financial inclusion and shallow domestic capital markets.

He said the private sector should come up with more initiatives to develop further the local capital markets. The Minister’s sentiments were also shared by Martin Davies, Managing Director for Emerging Markets and Africa at Deloitte who has challenged the country to start dealing with its low manufacturing value add.

“How do we start to diversify beyond the single commodity economy,” quizzed Davies, adding that manufacturing increase is vital for low inequality across the country.

“Inequality results in bad public policy, as the state starts to believe and think they have to intervene more,” said Davies, highlighting that the country needs to move away from the absolute concept of state drive growth. Meanwhile, minister Matambo has applauded the private sector for leading economic dialogue in the country through events such as the BIHL Global Finance Summit.

Continue Reading

Business

First Lady advises women entrepreneurs

Keikantse Lesemela

Published

on

First lady, Neo Masisi

First Lady, Neo Masisi has urged women entrepreneurs to bring change in the economic development of the country and the rest of Africa.

Speaking during the Lioness Lean in Africa breakfast on Friday, Masisi said women entrepreneurs are remarkable engines of economic growth and job creation. “I believe women entrepreneurs hold incredible potential and credentials on the continent because Africa has the highest percentage of women entrepreneurs in the world.

It is projected that millions of much needed jobs will be created over the next decade and these will be created predominantly through small businesses which are mostly run by women,” said Masisi.She highlighted that women entrepreneurs are also the most powerful engine for equitably distributing growth and they are also solutions for addressing inequality on the continent.

“It is a proven fact that for many generations, women understand the simple concept of barter and commerce. These are the role models of our past and our present and they will continue to inspire new generations to do more for business to grow,” she said.

The Lioness Lean In Breakfast Series brings together inspirational and successful women entrepreneurs to share, inspire and connect with the next generation of great women-led start-ups.

The platform is based on a breakfast networking and speaker presentation format, which has been organized in locations across the African continent for the past year by Lionesses of Africa, empowering over one million women entrepreneurs across the continent.

Stanbic Bank Botswana Head of Personal Markets, Omphemetse Dube said they are pleased to bring the Lionesses of Africa Lean In platform to Botswana once again to bring together women entrepreneurs in the country and help to nurture their growth further.

“Botswana is blessed with a number of thriving female entrepreneurs, and the potential for the next generation of talent is strong. Platforms such as this are therefore paramount in growing the cause and we as a bank are proud to help champion that movement further,” said Dube.

Founder and CEO of Lionesses of Africa,Melanie Hawken noted that Gaborone is a growing and exciting centre for women’s entrepreneurship in Africa. “This is a must-attend event for women entrepreneurs in the country as it gives them the opportunity to hear the inspiring entrepreneurial stories of women who are building great businesses here,” she said.

The annual Lionesses of Africa event allows entrepreneurs to benefit from the insights and advice of women entrepreneurs who have seen and experienced it all and to also provide an excellent opportunity for networking.

Continue Reading

Trending