At a Glance
- South African retailers dominate Africa’s billion-dollar listed retail market through scale and supply-chain depth.
- Discount, pharmacy and premium formats drive resilience amid inflation, currency weakness and informal competition.
- Technology, loyalty programs and cross-border expansion underpin investor confidence in listed retail leaders.
Africa’s listed retail giants are proving that scale, discipline, and local relevance still matter in a continent shaped by inflation shocks, weak currencies, and fierce competition from informal markets.
From South Africa’s supermarket behemoths to Morocco’s fast-rising hypermarket operators, a small group of retailers now command billion-dollar valuations, reflecting investor confidence in their ability to serve Africa’s expanding urban population.
South Africa dominates the list, accounting for most of the continent’s largest quoted retail chains. These groups benefit from deep capital markets, established supply chains, and decades of operational experience.
Yet their growth stories increasingly stretch beyond home borders, tapping underserved markets where modern retail penetration remains low.
The business models vary sharply. Some players focus on discount retailing, targeting cash-based consumers under pressure from rising living costs.
Others have carved out premium niches, betting that Africa’s affluent middle class will continue to spend on quality food, fashion, and wellness.
Pharmacy-led chains are also gaining ground, riding demand for healthcare access, private-label products, and loyalty-driven repeat purchases.
Technology is reshaping the landscape. Delivery apps, online pharmacies, and data-rich loyalty programs are no longer optional.
Shore Africa profiled these Africa’s listed retail chains with valuations above $1 billion, and the strategies powering their scale.
1. Shoprite Holdings
Country: South Africa
Market Cap. as of Jan. 26 2026: R159 billion ($9.9 billion)
Shoprite remains the continent’s largest supermarket group, operating more than 2,800 stores as of early 2025. South Africa is still its main market, but it also has a presence in about 10 other countries. Shoprite is betting heavily on its “Sixty60” delivery app and expanding into non-food categories such as baby goods and pet products.
2. Pepkor Holdings Ltd
Country: South Africa
Market Cap. as of Jan. 26 2026: R98.1 billion ($6.12 billion)
Pepkor runs discount clothing and general merchandise chains across Southern Africa. Its focus on essential goods and cash-based customers has delivered consistent volumes despite economic pressure. Pepkor Holdings Ltd is currently the 32nd most valuable stock on the South African bourse with a market capitalization of R98.1 billion ($6.12 billion), which makes about 0.407 percent of the Johannesburg Stock Exchange equity market.
3. Clicks Group
Country: South Africa
Market Cap. as of Jan. 26 2026: R73.6 billion ($4.58 billion)
Clicks is Africa’s largest retail pharmacy operator, with over 990 stores and about 780 pharmacies nationwide. Its R47.8 billion turnover is driven by scale, private-label health products, and one of South Africa’s most successful retail loyalty programs.
4. Woolworths
Country: South Africa
Market Cap. as of Jan. 26 2026: R68.1 billion ($3.62 billion)
Woolworths has carved out a premium position, emphasizing quality and sustainability across food, clothing, and household goods. While its store count is smaller, its appeal among wealthier shoppers is strong.
5. Mr Price Group Ltd
Country: South Africa
Market Cap. as of Jan. 26 2026: R46.2 billion ($2.88 billion)
A value-focused apparel and homeware retailer, Mr Price targets cost-conscious consumers. Its fast inventory turnover and limited credit exposure support resilience in volatile consumer cycles. Mr Price Group Ltd is currently the 53rd most valuable stock on the JSE with a market capitalization of R46.2 billion, which is about 0.192% of the Johannesburg Stock Exchange equity market.
6. Dis-Chem Pharmacies
Country: South Africa
Market Cap. as of Jan. 26 2026: R30.8 billion ($1.92 billion)
Dis-Chem operates more than 300 pharmacy stores, generating R30.8 billion ($1.92 billion) in revenue. The group has built strong margins through bulk buying, wellness clinics, and an expanding online pharmacy platform targeting urban consumers.
7. Label Vie
Country: Morocco
Market Cap. as of Jan. 26 2026: MAD12.85 billion ($1.41 billion)
Overview: Label Vie SA, formerly Hyper SA, is a Moroccan retail group operating supermarkets and hypermarkets under the Label’Vie and Carrefour brands across major cities. A subsidiary of Retail Holding, it also owns HLV and Metro Cash & Carry Maroc, expanding its national presence through a strategic alliance with Carrefour.
8. Pick ‘n Pay
Country: South Africa
Market Cap. as of Jan. 26 2026: R1 bi8.3llion ($1.14 billion)
Pick ‘n Pay is reshaping its portfolio by shutting underperforming outlets and focusing on smaller, neighborhood stores. The chain competes directly with Shoprite and SPAR, leaning on its broad product range, loyalty program, and investment in online platforms.
9. SPAR Group
Country: South Africa
Market Cap. as of Jan. 26 2026: R17.8 billion ($1.11 billion)
SPAR runs more than 2,000 stores in Southern Africa under a global franchise model. It caters to both high- and low-income consumers, with “SPAR Gourmet” for premium shoppers and “SaveMor” for value-driven households. New stores in Cameroon and Zimbabwe highlight its African push, even as weaker outlets in South Africa are being trimmed.
