Massmart shares soar 6% on reorganisation plan to cut costs
The group said Masscash, Masswarehouse, Massbuild and Massdiscounters would be reconstituted into two business units of Massmart Wholesale and Massmart Retail effective tomorrow.
The reorganisation would see Makro, Jumbo, Cambridge Food, Rhino Cash & Carry, Liquorland, Jumbo Shield, Saverite brands, Masswarehouse, Makro and Fruitspot brands forming the wholesale division, while Builders, Game, DionWired and Cambridge Food trading brands would form the retail arm.
Brian Leroni, a group corporate affairs executive, said the strategy would improve capital deployment, unlocking trading brand synergies and delivering bespoke retail and wholesale customer focus to customers.
Leroni said the strategy would also see Massmart driving market agility and effective execution, leveraging group-wide procurement scale and harmonising group-wide functional practice in line with best retail practises.
Source: iol.co.za
