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May 24, 2019updated 11 Nov 2021 12:53pm

TFG to invest $35m in technology to adapt to changing retail trends

South African retailer The Foschini Group (TFG) has announced its plans to invest $35m in technology, over the next three to five years, to adapt to changing retail trends.

South African retailer The Foschini Group (TFG) has announced its plans to invest $35m in technology, over the next three to five years, to adapt to changing retail trends.

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This investment comes at a time when online shopping continues to challenge the offline retail space. TFG CEO Anthony Thunström told Reuters that the technology investments are being made in order to keep pace with latest trends required by fast fashion.

The last ten years has seen TFG investing heavily in technology. It began introducing radio-frequency identification technology to improve its track of inventory and to identify how many paying customers visiting its stores.

“Against a backdrop of tough trading conditions and in an environment where the retail sector is facing significant disruption.”

For online shopping, the retailer plans to boost stock availability by enabling the use of apparel from offline outlets.

Foschini Group, in the full-year ended March, saw a 19.6% rise in annual retail sales to ZAR34.1bn due to acquisitions and turnover growth across all its operations. Its online sales increased by 57.2%, contributing to 8.8% of the group’s turnover.

TFG Africa, which contributes to 64% of group revenue, had comparable turnover growth of 5.6% as a result of Black Friday and December sales. TFG Australia saw 7.8% comparable growth and sales in London increased by 31.3%.

Thunström said: “Against a backdrop of tough trading conditions and in an environment where the retail sector is facing significant disruption, all three business segments produced strong turnover growth in relation to their respective markets.”

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.