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Shoprite ups store counts in South Africa to combat Wal-Mart
Cape Town, South Africa -- A Tuesday report by Bloomberg said that Shoprite Holdings Ltd. has announced plans to speed up its store expansion this year as it faces increased competition from Wal-Mart Stores.
South Africa’s largest retailer by market value, Shoprite said it will add 106 stores by June 2012. That compares with 96 openings in the same period last year. The company currently operates 1,246 stores.
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Optimistic outlook driven by accelerating comps
It would appear the year is playing out much as Target’s senior executives envisioned many months ago when guidance was provided regarding how the retailer’s sales performance was likely to unfold. As expected, the second quarter same-store sales increase of 3.9% was an acceleration of the 2% gain reported during the first quarter, and now further improvement is anticipated during the third and fourth quarter judging from upwardly revised profit targets shared with investors.