Massmart Plans To Open Stores In Angola; Eyes Rest Of Africa For Expansion

Wal-Mart’s South African unit Massmart plans to open two retail stores in Angola by 2015, according to the retailer’s Africa director Mark Turner. Currently operating in 11 markets in the sub-Saharan region, including Nigeria, Tanzania, and Ghana, Massmart is seeking to expand into the whole of Africa, with the continent’s population forecast to reach 2 billion by 2050. Also, the company plans to open its first store in Kenya following its failed bid to acquire existing retailers in the country. Doing business in Africa can be challenging, according to the executive; however, relative political stability, a growing middle class, and expanding urban centers are prompting companies to consider expansion plans into the continent.