Nakumatt: The growth of an African retail chain

Consumers have also caught the eye of global retailers such as Wal-Mart, which acquired South Africa’s Massmart last year in a US$2.4 billion deal.

Shah, a 40-year veteran of the retail business, said consumer patterns have changed in the last five years.

“At one time it was price, price, price. Now it is not price any more, it is brand, quality,” he said, adding that shoppers want “the latest of everything” as populations grow and middle classes expand.

“The growth is assured for the next 10 years,” he said.

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