Massmart to focus Africa expansion plans on Kenya, Zambia

New Massmart stores are set to open in Kenya and Zambia. [Photo: Courtesy]

JOHANNESBURG,- Massmart Holdings Ltd , one of South Africa’s biggest retailers, plans to add 47 new stores between 2019 and 2021, with about a third of the new space outside its home market.

The company, majority-owned by Walmart Inc, set out its expansion plans on Thursday along with annual results, where the retailer reported a 31.7 percent fall in full-year earnings, sending its shares down sharply.