Foschini Announces Closure of 280 Stores by 2029

The Foschini Group intends to shut down approximately 280 stores across Africa by 2029 as the retailer intensifies its focus on online sales, which are outperforming its brick-and-mortar operations.

The company based in Cape Town, which also operates in the UK and Australia, indicated that around 80 outlets would be included in its closure plan for the fiscal year ending in March, with an additional 100 store closures anticipated in each of the subsequent two fiscal years. Foschini has already closed 85 stores it deemed economically unviable during the 21 weeks leading up to August 22, the company reported on Wednesday.

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While sales in its physical stores in Africa saw a modest increase of 0.2% during the period, online sales skyrocketed by 54%, thanks to the Bash platform that Foschini leverages for its brands like Sportscene, Totalsports, Markham, Fabiani, @home, American Swiss, and Exact.

“On a global scale, consumers are expected to remain under financial pressure in the near future,” Foschini stated, emphasizing its commitment to “a disciplined approach to credit issuance and space optimization, while still prioritizing online growth.”

Retailers in South Africa, which is Foschini’s largest market, are grappling with a shopping environment in an economy that has averaged less than 1% annual growth for over a decade. High unemployment rates have led consumers to seek greater value for their spending.

Online sales now account for nearly 16% of total sales, an increase from approximately 14% a year ago, Foschini reported.

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The retail group operates more than 3,400 stores in South Africa. It is projected that consumers in the country will spend about R159 billion ($9.9 billion) online this year, with e-commerce growing by an estimated 23% and reaching its first full year at 10% of national retail turnover, according to a report released on Wednesday by World Wide Worx, Mastercard, Peach Payments, and Ask Africa.

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