Walmart, the new kid on the block
November 25, 2025
Trade Tatler Newsletter
News from the FMCG retail industry – delivered fresh every week
THIS ISSUE: 27 November 2025
Trading update from SPAR, results from Oceana and a new Tiger Brands logo
Share
Hello and welcome to this week’s Trade Tatler, where you can look forward to our views on Walmart’s first store, and we reveal the location of the second, opening today on Black Friday. Speaking of BF, we also share some record numbers achieved by Sixty60 last weekend during Checkers’ online-only specials activation and also have a look at what Shoprite shoppers can take home for just R366. There’s a brief trading update from SPAR, as well as full-year results from Oceana and Tiger Brands, with the latter showing what laser-focused discipline can achieve when working to turn a company around. Enjoy the read.
2
Walmart stores will be trading in SA on Black Friday
7.5m
products picked and delivered over 4 days on Sixty60
-40%
debt at SPAR thanks sale of Swiss business
-35%
in profit after tax at Oceana in FY2025
+35%
growth in Tiger Brands operating profit in FY2025
YOUR NUMBERS THIS WEEK
RETAILERS AND WHOLESALERS
Walmart
New kid on the block
Walmart has landed in South Africa, and Trade Intelligence was on the ground at Clearwater Mall, Roodepoort, last Thursday, 20 Nov, for the official opening. The store is a true one-stop shop where “bigger is better”, and is built on Walmart’s iconic Everyday Low Prices strategy – no heavy promotions, no loyalty cards, no gimmicks, just consistently low pricing. What sets it apart is its blend of local relevance and global retail excitement, with the aisles featuring popular imported confectionery and toys, the cult-favourite cleaning brand, Scrub Mommy, and Walmart’s own ‘Great Value’ private brand, which made its debut in Game, Makro and Builder’s stores earlier this year. For more on the store and what to expect, read our analyst’s take on the grand opening here.
And just a week after the first, Walmart’s second SA store will be opening today – on Black Friday – at Fourways Mall. Commenting on the opening, Massmart Chief Operating Officer Dries D’Hooghe said: “We were delighted when a recent independent media price comparison confirmed that a trolley of groceries at our Walmart Clearwater store was cheaper than the same basket at two major competitors. That same every day low-price promise is what we’re excited to deliver to customers at our new Walmart Fourways store.”
Source: Tatler Reporter 26/11/25
Ti Perspective: Walmart’s first South African store is an exciting milestone, but the reality is clear: the South African FMCG market is not for sissies. With tough competition, price-savvy shoppers and high expectations, only the bold and agile will thrive.
Informal Retail
Kasi excellence
The Township Entrepreneurs Alliance (TEA) hosted its second National Township Economy Awards in Tembisa on Saturday, 22 November, shining a spotlight on the township entrepreneurs who are making a tangible impact in their communities through their creativity, resilience and drive. The ceremony awarded 14 categories, such as Retail Excellence, Food and Beverage Innovator, Construction and Infrastructure, and Green Economy, across multiple industries. The event brought together business owners from all corners of South Africa, many of them young entrepreneurs who are creating jobs and driving change through their entrepreneurial excellence. It kicked off on a high note with a performance by the Soweto Opera, followed by a lively showcase from The Rising Phoenix Pantsula Crew. MC Hector Motivator kept the room buzzing, guiding everyone on a nostalgic, energetic journey through township dance, rhythm and culture.
Source: Tatler Reporter 25/11/25
Ti Perspective: TEA founder Bulelani Balabala has built something remarkable, creating an event that highlights the talent, determination and innovation emerging from townships. These businesses are township-made, world-class and are changing every eKasi, one at a time.
Shoprite
We’ll have whatever they’re taking
The Shoprite press machine is a well-oiled one, and why not, with all the innovation gushing from the retailer almost every day. Here’s our pick of the best over the last week.
First, the darling of South African on-demand, Sixty60, has set new records for daily orders, pick rates and on-time deliveries during its early Black Friday online exclusive promotion. 7.5 million products were picked and delivered between 20 and 23 November, with the platform reaching its highest-ever number of daily orders on Sat, 22 Nov. What that number was has not been reported, but here are some others to appease us: 97.6% of first-choice products ordered were picked in full, 95.3% deliveries were on time, with 33 minutes being the average delivery time during the promo. Oh, and more than 1.9 million users visited the app over the four days. Will shoppers have any money left for this weekend’s bonanza? We’ll let you know next week.
In more sobering news, Shoprite has highlighted what its shoppers can get for just R366, an amount that is R4 shy of the monthly Social Relief of Distress (SRD) grant received by our most financially vulnerable citizens. Using a mix of Black Friday deals and ongoing low-price combos, Shoprite customers can get a basket that includes 5kg mixed portions IQF Chicken (R179), three cans of Koo baked beans (R39), 2 cans of Bull Brand meat (R49) and an ‘Essentials Combo’ (R99), which includes 2kg rice, 2.5kg maize meal, 500g pasta, 750ml cooking oil and 400g soya mince.
And finally, what would you get up to if you were given the keys to an entire Checkers Hyper for one whole night? Top SA YouTuber Dan Mace was given just that opportunity, lucky guy, and the resulting video he put together is quite the hoot. Have a look at it here.
source: Tatler Reporter 27/11/25
Ti Perspective: Some people have waaaay too much fun at work. Can you blame our 12-year-old for aspiring to YouTube greatness?
In Brief
Don’t stop believin’
A brief update from the SPAR Group in anticipation of its official FY results release on 8 Dec – over the 52 weeks ended 26 Sept, Group revenue growth and Southern Africa operating profit growth saw a better H2 than H1, although HEPS are expected to be 7.5% to 12.5% lower than last year. Some good news is that debt was reduced by 40%, thanks to cash generation and the sale of SPAR Switzerland, although at R5.4bn, debt is still very much an ongoing concern for the business. We will have more clarity on the company’s overall position in 10 days or so. Moving on, Pick n Pay has unveiled its newly refurbished Klerksdorp Hypermarket. The store has been completely refreshed to bring shoppers a contemporary store experience with an expanded product range and improved layout. “The relaunch marks another step in Pick n Pay’s national Hypermarket renewal programme, focused on enhancing stores and delivering a world-class retail experience to customers across South Africa,” said Katherine Madley, Chief Marketing Officer at Pick n Pay. What can shoppers look forward to? An expanded Tech and TV section and a new Cellular and Accessories department. GM has also been extended with more large appliances, DIY tools, home essentials, and an outdoor living section with braais, patio and garden products, as well as pool accessories.
Source: Tatler Reporter 26/11/25
Ti Perspective: Two retail businesses at different stages of their turnaround. We’re rooting for them both.
MANUFACTURERS AND SERVICE PROVIDERS
Oceana
No pressure, no diamonds
Results time for Oceana Group, which reported lower full-year profit for the year ending November 2025, primarily due to the halving of dollar fish oil prices compared to last year’s record levels. As a result, revenue was 0.7% lower at R10bn, ‘saved’ by higher sales volumes across all segments and firm pricing for wild-caught seafood. The bottom line saw profit after tax dropping 35% to R724m. Looking ahead, prices are anticipated to improve in the near term due to a lower-than-expected anchovy quota in Peru, which Oceana’s SA and US businesses will look to capitalise on, and Lucky Star will build on its strong brand and distribution network to continue to expand both at home and across the border. And while some businesses swap out a few PCs here and there, others like Oceana swap out entire shipping vessels – like in the case of the Desert Diamond, its dedicated horse mackerel vessel, which will be replaced with a versatile, dual-purpose ship capable of fishing both hake and horse mackerel. This, they tell us, is expected to reduce operating costs and earnings volatility in the segment.
Source: Business Day 24/11/25
Tiger Brands
Tiger, tiger, burning bright
Well, looky here… Tiger Brands has a fresh new logo! We quite like it – all modern and red and black, it reminds us a little of our very own. And the tiger… does it look like the black feline we’ve come to know so well on our peanut butter jars, cute little ears and all? Because it should. But that aside, Tiger also released its latest set of results for its continuing operations, with all the important indicators on the upside. Like revenue, +2.7% to R34.4bn and Group operating profit +35% to R3.8bn, driven by topline growth and CI initiatives delivering ahead of guidance. Looking at the various divisions, grains showed the others how it’s done, increasing its operating profit +236% versus last year, thanks to strategic price management, factory efficiencies, and logistics optimisation initiatives. In FY2026, the focus will remain on driving operational excellence and volume recovery. And the shareholders must be smiling, with a R4.0bn special dividend coming their way, over and above the ordinary dividend of R2.4bn.
Source: Tatler Reporter 26/11/25
TRADE ENVIRONMENT
Inflation / Interest Rate
When down is not out By Ti Retail Economist, Carey Leighton
The latest inflation numbers are out, with Stats SA reporting CPI for October at +3.6% year-on-year, ticking up from last month (Sep 2025: +3.4%). Looking at the key categories:
-
- Housing and utilities: +4.5%. Water: +7.0%, electricity: +8.2% but rental was contained at +3.0% (although higher inflation for townhouses, +5.7%, compared to flats and houses)
- Food and non-alcoholic beverages: +3.9%. Meat: +11.4% with lingering impact on beef supply (stewing beef: +30.9%, steak: +27.9% and mince: +27.1%). Deflation for vegetables was driven by potatoes: -26.5%, cabbages: -15.7% and sweet potatoes: -13.8%. Eggs: -8.9%. Results were mixed across bread & cereals, with maize meal: +10.7%, samp: +14.6%, and deflation on white rice (-7.7%) and brown bread (-0.6%). For beverages, instant coffee: +12.7%, ceylon tea: +5.1%, rooibos: +1.6%
- Transport: petrol and diesel are costing more than last year (after 13 months of deflation), taxi fares: +0.7%
Despite the uptick in October’s inflation, the inflation outlook for 2025 and 2026 has been revised downward due to the stronger rand and lower oil price assumption. As a result, at the November meeting of the SARB’s Monetary Policy Committee, members unanimously voted to cut the interest rate. This -25bps change means that prime is now 10.25% and the repo rate is 6.75% – the lowest rate since the end of 2022 and closer to the pre-pandemic average.
Source: Stats SA 19/11/25, SARB 20/11/25
Ti Perspective: Tough for those relying on savings and investments, but good news for debt-laden South Africans. Ahead of the festive season, this is a welcome boost to consumer confidence.
A New Website, and a Whole New Mindset
October 29, 2025
FMCG Retail Growth 2026: Where Are You Hedging Your Bets?
October 8, 2025
THE WEEKLY GURU
“I approximated the Black Friday experience at home by hurling myself into a wall a number of times and then ordering online.”
Kumail Nanjiani
RETAILERS AND WHOLESALERS
Walmart
New kid on the block
Walmart has landed in South Africa, and Trade Intelligence was on the ground at Clearwater Mall, Roodepoort, last Thursday, 20 Nov, for the official opening. The store is a true one-stop shop where “bigger is better”, and is built on Walmart’s iconic Everyday Low Prices strategy – no heavy promotions, no loyalty cards, no gimmicks, just consistently low pricing. What sets it apart is its blend of local relevance and global retail excitement, with the aisles featuring popular imported confectionery and toys, the cult-favourite cleaning brand, Scrub Mommy, and Walmart’s own ‘Great Value’ private brand, which made its debut in Game, Makro and Builder’s stores earlier this year. For more on the store and what to expect, read our analyst’s take on the grand opening here.
And just a week after the first, Walmart’s second SA store will be opening today – on Black Friday – at Fourways Mall. Commenting on the opening, Massmart Chief Operating Officer Dries D’Hooghe said: “We were delighted when a recent independent media price comparison confirmed that a trolley of groceries at our Walmart Clearwater store was cheaper than the same basket at two major competitors. That same every day low-price promise is what we’re excited to deliver to customers at our new Walmart Fourways store.”
Source: Tatler Reporter 26/11/25
Ti Perspective: Walmart’s first South African store is an exciting milestone, but the reality is clear: the South African FMCG market is not for sissies. With tough competition, price-savvy shoppers and high expectations, only the bold and agile will thrive.
Informal Retail
Kasi excellence
The Township Entrepreneurs Alliance (TEA) hosted its second National Township Economy Awards in Tembisa on Saturday, 22 November, shining a spotlight on the township entrepreneurs who are making a tangible impact in their communities through their creativity, resilience and drive. The ceremony awarded 14 categories, such as Retail Excellence, Food and Beverage Innovator, Construction and Infrastructure, and Green Economy, across multiple industries. The event brought together business owners from all corners of South Africa, many of them young entrepreneurs who are creating jobs and driving change through their entrepreneurial excellence. It kicked off on a high note with a performance by the Soweto Opera, followed by a lively showcase from The Rising Phoenix Pantsula Crew. MC Hector Motivator kept the room buzzing, guiding everyone on a nostalgic, energetic journey through township dance, rhythm and culture.
Source: Tatler Reporter 25/11/25
Ti Perspective: TEA founder Bulelani Balabala has built something remarkable, creating an event that highlights the talent, determination and innovation emerging from townships. These businesses are township-made, world-class and are changing every eKasi, one at a time.
Shoprite
We’ll have whatever they’re taking
The Shoprite press machine is a well-oiled one, and why not, with all the innovation gushing from the retailer almost every day. Here’s our pick of the best over the last week.
First, the darling of South African on-demand, Sixty60, has set new records for daily orders, pick rates and on-time deliveries during its early Black Friday online exclusive promotion. 7.5 million products were picked and delivered between 20 and 23 November, with the platform reaching its highest-ever number of daily orders on Sat, 22 Nov. What that number was has not been reported, but here are some others to appease us: 97.6% of first-choice products ordered were picked in full, 95.3% deliveries were on time, with 33 minutes being the average delivery time during the promo. Oh, and more than 1.9 million users visited the app over the four days. Will shoppers have any money left for this weekend’s bonanza? We’ll let you know next week.
In more sobering news, Shoprite has highlighted what its shoppers can get for just R366, an amount that is R4 shy of the monthly Social Relief of Distress (SRD) grant received by our most financially vulnerable citizens. Using a mix of Black Friday deals and ongoing low-price combos, Shoprite customers can get a basket that includes 5kg mixed portions IQF Chicken (R179), three cans of Koo baked beans (R39), 2 cans of Bull Brand meat (R49) and an ‘Essentials Combo’ (R99), which includes 2kg rice, 2.5kg maize meal, 500g pasta, 750ml cooking oil and 400g soya mince.
And finally, what would you get up to if you were given the keys to an entire Checkers Hyper for one whole night? Top SA YouTuber Dan Mace was given just that opportunity, lucky guy, and the resulting video he put together is quite the hoot. Have a look at it here.
source: Tatler Reporter 27/11/25
Ti Perspective: Some people have waaaay too much fun at work. Can you blame our 12-year-old for aspiring to YouTube greatness?
In Brief
Don’t stop believin’
A brief update from the SPAR Group in anticipation of its official FY results release on 8 Dec – over the 52 weeks ended 26 Sept, Group revenue growth and Southern Africa operating profit growth saw a better H2 than H1, although HEPS are expected to be 7.5% to 12.5% lower than last year. Some good news is that debt was reduced by 40%, thanks to cash generation and the sale of SPAR Switzerland, although at R5.4bn, debt is still very much an ongoing concern for the business. We will have more clarity on the company’s overall position in 10 days or so. Moving on, Pick n Pay has unveiled its newly refurbished Klerksdorp Hypermarket. The store has been completely refreshed to bring shoppers a contemporary store experience with an expanded product range and improved layout. “The relaunch marks another step in Pick n Pay’s national Hypermarket renewal programme, focused on enhancing stores and delivering a world-class retail experience to customers across South Africa,” said Katherine Madley, Chief Marketing Officer at Pick n Pay. What can shoppers look forward to? An expanded Tech and TV section and a new Cellular and Accessories department. GM has also been extended with more large appliances, DIY tools, home essentials, and an outdoor living section with braais, patio and garden products, as well as pool accessories.
Source: Tatler Reporter 26/11/25
Ti Perspective: Two retail businesses at different stages of their turnaround. We’re rooting for them both.
MANUFACTURERS AND SERVICE PROVIDERS
Oceana
No pressure, no diamonds
Results time for Oceana Group, which reported lower full-year profit for the year ending November 2025, primarily due to the halving of dollar fish oil prices compared to last year’s record levels. As a result, revenue was 0.7% lower at R10bn, ‘saved’ by higher sales volumes across all segments and firm pricing for wild-caught seafood. The bottom line saw profit after tax dropping 35% to R724m. Looking ahead, prices are anticipated to improve in the near term due to a lower-than-expected anchovy quota in Peru, which Oceana’s SA and US businesses will look to capitalise on, and Lucky Star will build on its strong brand and distribution network to continue to expand both at home and across the border. And while some businesses swap out a few PCs here and there, others like Oceana swap out entire shipping vessels – like in the case of the Desert Diamond, its dedicated horse mackerel vessel, which will be replaced with a versatile, dual-purpose ship capable of fishing both hake and horse mackerel. This, they tell us, is expected to reduce operating costs and earnings volatility in the segment.
Source: Business Day 24/11/25
Tiger Brands
Tiger, tiger, burning bright
Well, looky here… Tiger Brands has a fresh new logo! We quite like it – all modern and red and black, it reminds us a little of our very own. And the tiger… does it look like the black feline we’ve come to know so well on our peanut butter jars, cute little ears and all? Because it should. But that aside, Tiger also released its latest set of results for its continuing operations, with all the important indicators on the upside. Like revenue, +2.7% to R34.4bn and Group operating profit +35% to R3.8bn, driven by topline growth and CI initiatives delivering ahead of guidance. Looking at the various divisions, grains showed the others how it’s done, increasing its operating profit +236% versus last year, thanks to strategic price management, factory efficiencies, and logistics optimisation initiatives. In FY2026, the focus will remain on driving operational excellence and volume recovery. And the shareholders must be smiling, with a R4.0bn special dividend coming their way, over and above the ordinary dividend of R2.4bn.
Source: Tatler Reporter 26/11/25
TRADE ENVIRONMENT
Inflation / Interest Rate
When down is not out By Ti Retail Economist, Carey Leighton
The latest inflation numbers are out, with Stats SA reporting CPI for October at +3.6% year-on-year, ticking up from last month (Sep 2025: +3.4%). Looking at the key categories:
-
- Housing and utilities: +4.5%. Water: +7.0%, electricity: +8.2% but rental was contained at +3.0% (although higher inflation for townhouses, +5.7%, compared to flats and houses)
- Food and non-alcoholic beverages: +3.9%. Meat: +11.4% with lingering impact on beef supply (stewing beef: +30.9%, steak: +27.9% and mince: +27.1%). Deflation for vegetables was driven by potatoes: -26.5%, cabbages: -15.7% and sweet potatoes: -13.8%. Eggs: -8.9%. Results were mixed across bread & cereals, with maize meal: +10.7%, samp: +14.6%, and deflation on white rice (-7.7%) and brown bread (-0.6%). For beverages, instant coffee: +12.7%, ceylon tea: +5.1%, rooibos: +1.6%
- Transport: petrol and diesel are costing more than last year (after 13 months of deflation), taxi fares: +0.7%
Despite the uptick in October’s inflation, the inflation outlook for 2025 and 2026 has been revised downward due to the stronger rand and lower oil price assumption. As a result, at the November meeting of the SARB’s Monetary Policy Committee, members unanimously voted to cut the interest rate. This -25bps change means that prime is now 10.25% and the repo rate is 6.75% – the lowest rate since the end of 2022 and closer to the pre-pandemic average.
Source: Stats SA 19/11/25, SARB 20/11/25
Ti Perspective: Tough for those relying on savings and investments, but good news for debt-laden South Africans. Ahead of the festive season, this is a welcome boost to consumer confidence.
Walmart, the new kid on the block
November 25, 2025
THE WEEKLY GURU
“I approximated the Black Friday experience at home by hurling myself into a wall a number of times and then ordering online.”
Kumail Nanjiani
Keep your finger on the pulse of FMCG retail
Get the latest industry news, insights and opinions from the Ti analyst desk