gilibet Limited again, 49ers QB Brock Purdy still fighting sore shoulderAs Canadian consumers on spending after years of rising costs, some retailers are cutting prices to lure people back into their stores. recently announced a plan to lower prices on some of its merchandise in s after front store sales declined, driven in part by lower customer spend on such convenience items as food and household goods. “There is some pressure to keep consumers returning to the ‘store,’ even if its margin reduced,” said retail market strategist David Ian Gray. One stock analyst covering several Canadian retailers said they expect other grocers to follow suit, if they have not already done so, should the planned pricing action by Loblaw lead to share gains although those companies may not publicize it as Loblaw did. Food prices are mostly competitive, and all grocers are priced closely within their competitive set week after week, according to their analysis of stores such as No Frills, Walmart, Food Basics or Loblaw, Metro, Sobeys, explained the analyst, who asked not to be named. This means if prices for certain items at one grocer does go down, other retailers will likely match it to remain competitive. A significant number of public companies both sides of the border have revised their revenue guidance downward for the balance of the year, said Gray, adding that the retail industry “is super anxious,” not just about the rest of 2024 but 2025 and beyond. , which released its third quarter earnings on Nov. 7, highlighted a continued constraint in consumer spending, especially discretionary, in its earnings results. The company has experienced a decline in spending across every segment over the past five quarters, chief executive Greg Hicks told analysts, and seen sustained evidence of the Canadian shift to value and discounts. “Although we’ve experienced multiple this year, consumers remain understandably cautious,” Hicks said during the earnings call. “Their spending reflected that restraint, but we were prepared.” Gray said Canadian Tire’s mention of a big drop in consumer confidence and a drop in demand for discretionary items provides a relevant snapshot for other Canadian retailers. In the case of Loblaw, he said the company is taking an across-the-board approach to shore up its own declining revenues last quarter, with Shoppers Drug Mart targeted as having some margin room to work with. “This week, we launched a new program across our Shoppers and pharmacy network to lower the prices of hundreds of items that are most important to our customers,” Loblaw chief executive Per Bank said during the Nov. 13 earnings call. Customers’ shift to value and discount products had a slight impact on food sales in Shoppers Drug Mart stores, the chief executive said, noting that the company continues to see this shift to discount and value in the fourth quarter, with stronger sales growth at its Maxi and No Frills stores. As a result, Shoppers will have lowered prices for a range of household products, including snacks, vitamins and shampoo, the company said. “Food was down a little bit, and we’re addressing that by... lowering prices on 400 items,” Bank told analysts. “By lowering more than 400 products by 10 to 50 per cent, we will encourage more customers to shop in our front store.” Retail analyst Bruce Winder said this is the company responding to “a more value driven consumer,” which is a huge investment for Loblaw/Shoppers Drug Mart. With convenience offerings priced sharply now, the campaign from Loblaw should help Shoppers Drug Mart pick up market share as word gets out, he said. Major retailers in the United States have pledged similar price cuts on thousands of items this year. Just last month, Target Corp. it will reduce regular prices on more than 2,000 items, including food and beverages, everyday essentials and holiday gifts, ahead of the holiday season. Those reductions follow Target’s previous announcement in May of cutting prices on about 5,000 items, eventually lowering prices on more than 8,000 total items year to date. Target said it “routinely adjusts its prices to remain competitive” in markets across the country. Walmart in the U.S. has also reportedly been working on cutting prices on grocery staples. The retail giant’s chief executive, Doug McMillion, said during the company’s second quarter earnings call in August that the company will be officially slicing the prices of 7,200 products within their stores.

Africa’s top billionaires have amassed their wealth through innovation, resilience, and visionary business strategies, transforming industries along the way. From manufacturing and mining to telecommunications and consumer goods, these industry leaders are not only shaping Africa’s economic landscape but also leaving a global impact. Explore the sectors they dominate, the lifestyles they lead, and the journeys that brought them success, revealing how their influence extends far beyond their financial worth to drive change across the continent. PAY ATTENTION: Got a Minute? Complete Our Quick Survey About Legit.ng Today! 1. Aliko Dangote Net Worth: $15.6 billion Sector: Manufacturing (Cement, Sugar, Flour) Aliko Dangote, the richest man in Africa for over a decade, built his wealth through Dangote Group, a conglomerate that dominates the African market in cement, sugar, and flour production. Despite his immense wealth, Dangote maintains a relatively low-profile lifestyle. His journey began with trading commodities, and today, he is spearheading projects like the Dangote Refinery, which will significantly impact Nigeria's oil industry . Read also Just in: Lagos seals Adeboye’s RCCG, 8 other top establishments, full list emerges PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! 2. Johann Rupert Net Worth: $10.7 billion Sector: Luxury Goods Johann Rupert, a South African billionaire, heads Compagnie Financière Richemont, known for luxury brands like Cartier and Montblanc. His understated yet luxurious lifestyle reflects his company’s high-end clientele. Rupert’s journey was rooted in his father’s tobacco business, which he diversified into the global luxury goods empire it is today. 3. Nicky Oppenheimer Net Worth: $8.4 billion Sector: Mining (Diamonds) Nicky Oppenheimer, a diamond magnate, made his fortune through the Oppenheimer family’s 40% stake in De Beers, the world’s largest diamond producer. His family sold its stake in 2012 for $5.1 billion. Though private, Oppenheimer enjoys philanthropy, particularly in environmental conservation. His journey started in the diamond mines, and he eventually steered De Beers to global prominence. 4. Abdulsamad Rabiu Net Worth: $8.1 billion Sector: Manufacturing (Cement, Sugar, Real Estate) Read also Nigeria, Brazil sign MoU to boost agribusiness across all 774 local governments Abdulsamad Rabiu is another Nigerian industrialist who made his wealth through BUA Group, a conglomerate in cement, sugar, and real estate. Known for his quiet and modest lifestyle, Rabiu expanded his family business into one of Nigeria’s largest manufacturing companies. His journey highlights his ability to navigate Nigeria’s complex business environment. 5. Nassef Sawiris Net Worth: $7.2 billion Sector: Construction, Chemicals Egypt’s Nassef Sawiris, part of the wealthiest family in Egypt, runs Orascom Construction and is heavily invested in global giants like Adidas. His journey in construction has made him one of the world’s most influential investors. Despite his vast fortune, Sawiris prefers to keep a low profile. 6. Mike Adenuga Net Worth: $6.1 billion Sector: Telecommunications, Oil Mike Adenuga, Nigeria’s second-richest man, made his fortune in telecommunications and oil, founding Globacom, Nigeria’s second-largest telecom company. He also owns Conoil, a major oil exploration firm. Known for his opulent lifestyle, Adenuga’s journey is marked by his relentless ambition, starting with small ventures and growing into a telecom and oil powerhouse. Read also Tinubu’s govt, Brazil sign MoU to boost agribusiness in Nigeria 7. Issad Rebrab Net Worth: $5.1 billion Sector: Food and Beverage Algeria’s Issad Rebrab made his fortune through Cevital, the country’s largest privately-held conglomerate. Cevital operates one of the world’s largest sugar refineries. Known for his down-to-earth lifestyle, Rebrab’s journey began in humble beginnings before establishing a food empire that spans across continents. 8. Naguib Sawiris Net Worth: $3.3 billion Sector: Telecom, Media Naguib Sawiris, Nassef’s brother, has a stronghold in the telecom industry with Orascom Telecom, which was sold to Russia’s VimpelCom in 2011. A lover of luxury, Naguib is known for his flamboyant lifestyle and sharp business acumen. He now focuses on media and political ventures in Egypt. 9. Patrice Motsepe Net Worth: $2.9 billion Sector: Mining South Africa’s Patrice Motsepe, the first Black African billionaire, founded African Rainbow Minerals, which mines gold, platinum, and other precious metals. Known for his philanthropy, Motsepe has pledged half of his wealth to charity. His journey started in the law, before transitioning to mining, where he saw massive success. Read also Mike Adenuga: Ally speaks out amid rumours of billionaire's death, calls him "the spirit of Africa" 10. Koos Bekker Net Worth: $2.5 billion Sector: Media, Technology Koos Bekker transformed Naspers from a South African newspaper publisher into a global e-commerce and media giant, investing in platforms like Tencent. Bekker’s modest lifestyle contrasts with the digital empire he’s built. His journey underscores visionary leadership, taking calculated risks in emerging markets. 11. Mohamed Mansour Net Worth: $2.5 billion Sector: Diversified (Automotive, Retail) Mohamed Mansour oversees the Mansour Group, a family-owned conglomerate with interests in automotive and retail sectors, including the distribution of General Motors vehicles. Mansour is known for his reserved yet philanthropic lifestyle, with investments spanning Africa , Europe, and beyond. 12. Strive Masiyiwa Net Worth: $1.9 billion Sector: Telecommunications Strive Masiyiwa, a Zimbabwe an billionaire, founded Econet, one of the largest telecom companies in Africa. Masiyiwa is a prominent philanthropist and advocate for African entrepreneurship. His journey is marked by resilience, overcoming regulatory challenges in Zimbabwe to create a telecom giant that serves millions across the continent. Read also Fuel crisis: Amid NNPCL shake up, Buhari’s appointee, 1 other named as alleged major problems 13. Mohammed Dewji Net Worth: $1.5 billion Sector: Manufacturing Tanzania’s Mohammed Dewji, CEO of MeTL Group, transformed a small trading business into a $1.5 billion conglomerate. Dewji, Africa’s youngest billionaire, is known for his active lifestyle and philanthropy. His journey reflects the power of family legacy and strategic investment in manufacturing. 14. Prateek Suri Net Worth: $1.4 billion Sector: Consumer Electronics, Investment, Manufacturing Prateek Suri, founder of Maser Group and MDR Investments popularly known as technology tiger of Africa, made his fortune in the consumer electronics and tech space after valuation crossing $5bn after acquired by SCG, focusing on frontier technologies and large-cap ventures in Africa mining and infrastructure, shipping and AI and the GCC region. Known for his high-energy lifestyle, Suri’s journey highlights innovation in manufacturing and technology, with an eye on transforming Africa’s tech landscape. Suri is Africa’s youngest billionaire with net worth $1.4bn Read also Which is the richest family in Nigeria? Top 10 ranked by wealth 15. Youssef Mansour Net Worth: $1.1 billion Sector: Retail, Consumer Goods Youssef Mansour, part of Egypt’s wealthy Mansour family, has built his wealth through Metro, Egypt’s largest supermarket chain, and other consumer goods ventures. He lives a low-profile lifestyle, focusing on expanding his family’s retail empire across Africa and the Middle East. 16. Othman Benjelloun Net Worth: $1.1 billion Sector: Banking, Insurance Othman Benjelloun, a Moroccan banking magnate, founded BMCE Bank, one of Africa’s leading financial institutions. Benjelloun is known for his classic and traditional lifestyle. His journey through finance has positioned him as one of the most influential bankers in North Africa. 17. Michiel Le Roux Net Worth: $1 billion Sector: Banking Michiel Le Roux founded Capitec Bank, one of South Africa’s most successful retail banks, revolutionizing affordable banking for the masses. Le Roux enjoys a relatively simple lifestyle, focusing on the banking sector and making banking accessible for all. His journey reflects his focus on innovation in financial inclusion. Read also Okele's net worth, real name, age, wife, house and car 18. Christoffel Wiese Net Worth: $1 billion Sector: Retail Christoffel Wiese, South Africa’s retail giant, made his fortune through Shoprite, the continent’s largest retailer. Known for his lavish lifestyle, Wiese’s journey has seen both remarkable successes and setbacks, but his influence on African retail remains unmatched. 19. Youssef Dewji Net Worth: $900 million Sector: Manufacturing, Real Estate Youssef Dewji, part of the influential Dewji family in Tanzania, has seen tremendous success in the manufacturing and real estate sectors, expanding his family’s business legacy. His modest lifestyle belies his impressive business acumen. 20. Aziz Akhannouch Net Worth: $900 million Sector: Oil and Gas Aziz Akhannouch, Morocco’s oil and gas magnate, is also a politician, serving as the country’s Prime Minister. His family owns Akwa Group, a conglomerate focused on petroleum products. Akhannouch maintains a relatively low public profile, balancing his political and business commitments. Read also Top 10 richest women in the world in 2024 and how they made their money Conclusion Africa’s leading billionaires are at the forefront of driving economic transformation, channeling investments into critical sectors and shaping industries that will define the continent’s future. Their inspiring journeys highlight the impact of resilience, innovation, and a shared vision for a more prosperous and dynamic Africa. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Source: Legit.ng

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