Shoprite won’t reopen some looted stores

Source: News24

Shoprite has decided not to reopen six of the 231 stores that have been “significantly” damaged during the civil unrest in KwaZulu-Natal and Gauteng in July.

Some 83 stores remained closed, with 47 of these stores “significantly impacted by fire”.

“[The] process of reopening for these stores will be mixed: some may open in the coming months, some may take a year, others will require new premises,” the group said.

In a presentation, Shoprite CEO Pieter Engelbrecht said that the group managed to reopen some stores that were “completely destroyed” within six days.

Unrest damage will be covered by insurance, and Shoprite already received its first payment from the state insurer Sasria. But some costs, including additional security at other stores during the unrest, can’t be recouped.

Engelbrecht said that at stores that were not damaged during the unrest, sales momentum was “very good” following the year-end. Its full-year dividend increased by 42% to 544 cents per share.

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