The Foschini Group says it intends to open 1 000 new stores in the following three years. While the extension plan isn't about Jet, TFG bunch CEO Anthony Thunström said the gathering will "most likely" add essentially one more 200 stores under that brand in the medium term.
In any case, they will probably be little configuration stores, as will be the situation with new stores that the gathering will open for different brands.
"Stream is most certainly one of the brands that have the most elevated potential for extension," he said.
TFG should gain 381 Jet stores. Be that as it may, it finalized the negotiation with just 150 existing Jet stores. When the arrangement closed, a portion of Jet's landowners in the country parts of SA were battling a direct result of Covid-19 lockdowns, and others needed higher rental from TFG.
Peruse | Foschini places faith on Jet Stores obtaining for Covid-19 recuperation
In this way, the gathering offered need to beneficial stores. In any case, it kept all Jet staff and redeployed them to different stores and different brands inside the TFG stable.
Yet, as property managers proceed to battle and different retailers scale down their space, more landowners who didn't get it done before are returning to TFG to rework.
"There are a great deal of those dealings occurring, and in the event that you sort of guide out the cutthroat impression in the worth space across South Africa, there are a few many locales that we could utilize," said Thunström.
Yet, he added that the extension of Jet is definitely not a "consuming need" in this monetary year. He said the business performed amazingly in its first year under TFG. In this way, the concentrate right presently is to settle the brand and afterward carry out Jet Home stores.
"Whenever we have past that, we have the possibility to open likely basically another 200 Jets," said Thunström.
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