SOUTH African retailers are known for capturing every part of their designated market, and Jet stores have begun moving in this direction by tapping into the N$12 billion homeware sector to open Jet Home.
The Jet Stores brand was bought from Edcon by The Foschini Group (TFG) for N$480 million during the peak of the Covid-19 pandemic in 2020, and it appears they are turning it around.
The offer had included the buyout of least 371 viable Jet Stores and selected assets for N$480 million.
Jet is a household name in Namibia, South Africa and other neighbouring countries where the major South African retailers have grown roots.
The home appliances segment was in bad shape for Jet Stores when it was still with Edcon, and it is not clear what TFG’s strategy is to ensure it bounces back. It, however, has a new logo and will no longer be housed in Jet Stores but will imitate other retailers such as Mr Price and Pep, which have designated stores for household items and appliances.
According to a report by Business Insider, the first Jet Home store was opened in October last year and nine more shops have been added to the retail chain’s stores since then.
TFG is not new in the home stores segment. It already has the @Home brand.
The stand-alone Jet Home stores will reportedly offer a full range of home fashion.
In a recent financial results presentation, TFG chief executive officer Anthony Thunström was quoted saying the company was going to return the Jet brand to prominence.
– lazarus@namibian.com.na; @Lasarus_A on Twitter
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