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Johannesburg – Retailer Edcon has confirmed that the group does not plan to list on the JSE anytime soon.
On Thursday the group's CEO Grant Pattison said it is up to the shareholders, and not the business executives to decide when the group will be listed. However, this is not one of its short- term goals.
The group released its growth strategy for the year ahead for its retail division which includes Edgars, Jet and CNA.
Pattison said: “Edcon has been run very centralised in the past… and as a team we have tried to decentralise it. Edcon is now four very specific businesses.”
This was one of the biggest changes in Edcon, he said.
Edgars
Edgars CEO Mike Elliot said the retailer will be utilising more digital spaces like social media to reach customers.
The store will also try to “own our South Africanness” through brand position, Elliot said. Edgars has begun implementing this plan by having a stronger presence of its own brands, like Kelso.
Jet
Jet Stores still thrive off its affordable prices, selling in volume to make up profits. CEO Urin Ferndale said it would not be absorbing the value-added tax change on its cheapest items; however, it would add the increase on slightly higher-priced items.
The store launched a hair and beauty range, which has been rolled out in about 100 stores.
Ferndale said the value of beauty products is about R10bn in the South African market. He added: "... we believe we can get a fair share out of that market, because we’ve got over 500 hundred stores where we can roll the products out.”
CNA
CNA general manager Julie Day said the store has grown throughout the year and it saw a growth rate in the double digits in the beginning of the year, during the back to school rush.
Day said the store aims to be one of the best stationery stores in the market. CNA plans to build up its stationary departments and cut down on other departments.
“The toy department decreased by 66%,” Day said.
CNA will be cutting down on toys and will only stock toys for educational purposes.
Pattison confirmed that the group strategy will be revealed by the end of May.
