Foschini Group to Close 280 African Stores by 2029

Foschini Group Ltd. will close approximately 280 stores across Africa by 2029 as it shifts its strategic focus toward growing online sales. The Cape Town-based retailer plans to shutter 80 outlets in the fiscal year ending in March, followed by 100 closures in each of the next two fiscal years. As of August 22, the company has already closed 85 economically unviable shops.

This transition follows a 54% surge in online sales via the Bash platform, while physical store sales grew by only 0.2%. Online transactions now represent nearly 16% of the group's total revenue. The company noted that globally, the consumer is expected to remain under pressure in the near term.

The closures occur as South African consumers face chronic unemployment and prolonged economic pressure. This shift aligns with a broader national trend in South Africa, where e-commerce is projected to reach 10% of total retail turnover this year.