Friday, January 21, 2011

Walmart Buys its way into Africa

South Africa (orthographic projection)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"

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]

No comments: