Foschini owner, TFG, has reportedly scaled back its expansion plans due to challenges posed by load shedding and rising interest rates.
- The group has been forced to delay store openings in South Africa and reduce capital expenditure.
- TFG’s CEO, Anthony Thunström, has expressed concerns about the impact of load shedding and interest rates on consumer confidence and spending.
- The group has also seen a decline in its credit sales, which account for a significant portion of its revenue.
- TFG operates in 33 countries and has over 5,000 stores, with plans to expand further into Africa and Australia.
- Despite the challenges, TFG remains optimistic about its prospects, with the group’s online sales showing strong growth and plans to continue investing in its digital platforms.