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Woolworths quits Ghana in second retreat from West Africa

Woolworths closes its two stores in the region.
The clothing and food retailer did not provide reasons for exiting the Ghanaian market, but says a majority of its African markets are delivering 'healthy growth'. Picture: Supplied

Woolworths has pulled out of Ghana, the second time in six years the upmarket South African retailer has exited a market elsewhere on the continent.

The seller of designer clothing and organic food closed its two stores in the West African country, the Cape Town-based company said in an emailed response to questions. The retailer is “experiencing healthy growth” in the majority of African markets where it continues to trade, it said.

Woolworths, which derives almost all of its income from South Africa and the David Jones department-store chain in Australia, quit Nigeria in November 2013 because of high rental costs, duties and difficulties with its supply chain.

South African retailers and restaurant chains have had mixed fortunes in Ghana even as its economy is poised to expand at a rate of more than 6.8% for a third straight year. Since 2017, Truworths and Famous Brands have closed outlets while Walmart’s Massmart unit and Shoprite have expanded their footprints.

Woolworths held closing down sales in its stores in Accra, the Ghanaian capital, with 75% off the price of all items.

© 2019 Bloomberg L.P.

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How many more firms will burn their fingers ( and budgets) by assuming that they know anything about things north of our borders!!!!

A bit off-topic. That Woolies Food storefront picture…

As an occasional visitor to the W/Cape, I’m taking an educated(?) guess that it reminds me of the (impressive) Waterstone Village, Somerset West store I visited a year or two ago. It must be?

MW-commentators living within “die beskawing” can drive by & confirm for me, please.

Yes it is the Waterstone store

End of comments.

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