The Foschini Group plans to close 180 stores over the next three financial years
The Foschini Group is shifting away from physical retail with a plan to shut 180 stores. This follows an already net loss of 60 stores and a record jump in online sales.
The Foschini Group has announced plans to close 180 stores across its network over the next three financial years. These closures affect Foschini, Markham, and Sportscene locations throughout South Africa. The group has not specified how many jobs are at risk, though every store closure implies staff position losses. Eighty-five stores have already closed in the past 21 weeks because management found them no longer economically viable. During this period, the group opened only 25 new stores, resulting in a net loss of 60 outlets. The Foschini Group attributes these closures to cost-cutting measures and improved network efficiency. Sales data supports this pivot; total sales grew just 0.2% to R23 billion, while online sales jumped 15.3%, now representing 15.9% of total volume. Online sales in Africa surged by 54.1% during the same timeframe.
