S.Africa's Foschini expands into Ghana, but waiting on Kenya - CNBC Africa

S.Africa's Foschini expands into Ghana, but waiting on Kenya

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The Foschini Group plans to open four stores in the West African country. PHOTO: Getty Images

The group plans to have all four stores in the West African country by the end of 2014, its financial director said on Tuesday.

In 2013 Foschini broke into the region by opening two stores in Nigeria, Africa's most populous country, as part of a strategy to double its stores outside of South Africa over the next three years to about 200.

But plans to open shop in Kenya were placed on the back burner when the opportunity arose in Nigeria, financial director Ronnie Steyn told Reuters.

"East Africa we have had a look at but we are not moving there yet. We can't do everything at the same time," he said.

Struggling for growth at home, South African companies are looking to the continent for more sales as a nascent middle class starts to splurge on items previously seen as luxuries.

Consulting firm McKinsey estimates that by 2020 Africa's spending power will be $1.4 trillion, up from 860 billion US dollars in 2008.

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