Image via Wikipedia"Despite the advent of democracy in 1994, South Africa remains one of the most inequitable societies in the world. The acquisition of 51% of Massmart by Walmart will cut out even more local ownership of one of the major retail players in the country."
-Tyotyo James, deputy-president of the Congress of South African Trade Unions. After Walmart's 51% bid on the major retailer Massmart was approved this week. "Walmart buys its way into Africa"
-Tyotyo James, deputy-president of the Congress of South African Trade Unions. After Walmart's 51% bid on the major retailer Massmart was approved this week. "Walmart buys its way into Africa"
It's not just a domestic problem with Walmart, across the world they're notoriously known for exploitation of workers and destruction of small business. In South Africa they're getting a lot of resistance for buying out the retail chain Massmart and essentially monopolizing the South African retail market.
Now that the Massmart deal cleared all the regulatory hurdles, a massive boycott is being planned for all Walmart/Massmart affiliated stores. [Financial Mail]
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