MASSMART PLANS FURTHER GROWTH

Fri, 04 Jul 2008

MASSMART has proved resilient in the face of the credit crunch, scoring the number one position in the FINANCIAL MAIL'S TOP COMPANIES SURVEY 2008. CEO Grant Pattison believes the company has build a model that can weather the storms currently raging in the economy. "We may miss some peaks in the cycle, but we are not over-stored - unlike some competitors. We will not be refurbished unless stores really need it," Pattison noted in a recent interview. MASSMART is already implementing moves to counter the slowdown in consumer DIY spend. Their mid-2005 decision to cut down on operating expences and simplify structures and processes has delivered, with both BUILDERS WAREHOUSE and MAKRO growing market share at a time when the retail sector is experiencing a massive slowdown. NEDCOR SECURITIES retail analyst Syd Vianello says: "This is a management team that has correctly interpreted the changing business environment in SA. They have adapted the business to continue making money."