TFG Announces Plan to Close 280 Stores in Africa Over Next Three Years
The Foschini Group (TFG), a South African fashion retailer, has announced plans to close approximately 280 stores across its African portfolio over the next three financial years as part of an ongoing strategy to optimize physical retail space and shift focus toward e-commerce. In a recent trading update for the period ending August 22, 2026, TFG reported that it had already closed 85 underperforming stores during this time while opening 25 new ones. Group sales rose slightly by 0.2% to R23 billion ($1.43 billion) for the 21-week period (up 2% in constant currency), with TFG Africa contributing a stronger growth of 3.4%. Online sales continued their strong performance, growing at 15.3%, now accounting for nearly 16% of total revenue. TFG emphasized that store closures are expected to improve profitability and return on capital while acknowledging ongoing consumer pressures in the near term.
Topics: e-commerce growth retail sales performance store optimization