Friday, September 09, 2011
Tanzania’s W-Stores Company Limited and internationally renowned fashion and foods retailer Woolworths International of South Africa have today entered a joint-venture and announced the opening of new stores in Dar es salaam and Kampala, Uganda.
Mr Glenn Gilzean, Woolworths group director for retail operations, exuded confidence that the marriage, coming after 12 years with W-Stores were being the sole franchise partner in Tanzania would yield the desired fruits.
“We are confident about our investment in Tanzania and we are very pleased with the growth prospects.
“Our confidence in both Tanzania and our partner (W-Stores CEO and Chairman) Ali Mufuruki has spurred an expansion of our retail presence”, said Mr Gilzean.
Mr Mufuruki, who will retain 41 per cent of shares expressed delight to being part of the joint venture with Woolworths, and his readiness to grow the market and offer customers choice and quality the Cape Town based fashion and foods giant is famous for.
He also assured Tanzanians of lowered prices in the near future, saying currently they were high due to double Taxation that the joint venture would erase after the successful completion of the transaction.
The transaction is subject to approval by the Fair Competition Commission (FCC) in Tanzania and the South African Reserve Bank. Both partners were confident that the approvals would be obtained.
Mr Mufuruki said that one new Woolworths Store is set to open its doors in Dar es salaam later this month, bringing the number the total number of stores in Tanzania to four. Two of them are in Arusha and the remaining are in the Haven of Peace.
In Dar es salaam the Woolworths stores are located at the PPF Tower, Garden Avenue while the ones in Arusha are at the TFA Shopping Mall and Njiro Shopping Complex.
The new store set to open in Dar es salaam will be at the Grand Ocean-Baraka Complex along Old Bagamoyo road at Mikocheni.
“Two more stores will be opened in Kampala bringing the total number of stores in the Pearl of Africa to three”, he explained, adding that they expect further growth in the future with the on-going retail expansion creating jobs and enhancing local retail skills.