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Spar Group pulls out of Zimbabwe

Retailer cites tough economy.

JOHANNESBURG – South African retailer and wholesaler Spar Group has closed its distribution centre in Zimbabwe due to weak economic growth and will now supply independent stores from South Africa, the firm’s chief executive said on Wednesday.

“The economy was just too tough… payment issues, infrastructure issues, so it was better that we exited,” Spar Group chief executive Graham O’Connor told Reuters. 

The company’s shares closed 3.94% higher at R182 in Johannesburg.

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Would have loved to see the business case for going in in the first place!

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