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The Steinhoff crash wiped more than R200bn off the JSE, erased half the wealth of tycoon Christo Wiese and knocked the pension funds of millions of people.
When it was exposed as a house of cards, tales of fraudulent accounting, lavish spending and ructions in the ‘Stellenbosch mafia’ made the headlines. As regulators tally up the cost, Financial Mail editor Rob Rose reveals the real inside story behind Steinhoff. Based on interviews with key players in South Africa, the UK, Germany and the Netherlands – and documents not yet public – Steinheist reveals:
Op sy dag eienaar van ’n diamantmyn, ’n wynplaas én die duurste huis in Kaapstad. Voorsitter van Suid-Afrika se grootste kleinhandelaar. Direkteur van die Reserwebank, en die rykste man in die land.
As jong man het Christo Wiese sy tande by Pep Stores geslyp. Mettertyd bou hy ’n magtige sakeryk op, wat Shoprite en ’n rits ander maatskappye insluit. Sy wenresep: ’n eindelose liefde vir transaksies, ’n vreeslose aptyt vir risiko en ’n oog vir ’n winskopie. Dié sjarmante sakeman was nog nooit bang om ’n kans te waag nie. Die berekende risiko’s wat hy oor 50 jaar neem, maak hom hoogs suksesvol. Tot hy die meubelgroep Steinhoff teëkom, en dinge lelik skeefloop. Sakejoernalis en skrywer TJ Strydom vertel die verhaal van een van Suid-Afrika se bekendste sakereuse op ’n vars, pakkende manier.
“Boeiend. Beide sprokie én raadsaalriller.” – Waldimar Pelser
“’n Treffende, insiggewende werklikheidstorie oor die mens Christo Wiese – van kleinbegin tot dealmaker en sakereus.” – Freek Robinson
“’n Fabelagtige, meesleurende leeservaring . . . ” - Peter Bruce
Op Dinsdag 5 Desember 2017 was die Steinhoff-groep nog R199 miljard werd. Vier en twintig uur later is meer as R160 miljard daarvan uitgewis. Die Steinhoff-sakeryk, wat oor 20 jaar tot ’n internasionale sakereus opgebou is, het oornag verkrummel.
Markus Jooste, Steinhoff se flambojante grootbaas, het per SMS bedank en vlug sedertdien van die een na die ander geraamte wat uit sy kas val: tientalle spoghuise vir ’n blonde minnares, resiesperde, bewerings van bedrog en ’n blinkswart Jaguar vir ’n ou universiteitskoshuis.
Wat presies het hier gebeur? Wie het wat geweet? Wat is Steinhoff, wie is Markus Jooste en wat het dit met die sogenaamde Stellenbosch-mafia te doen? Hoe pas Christo Wiese, Shoprite en Pepkor in en waarheen is die pensionarisse se geld? Die bekende sakeskrywer James-Brent Styan beantwoord dié en ander vrae in hierdie verstommende verhaal van die grootste finansiële ineenstoring in die geskiedenis van Suid-Afrika.
Deur onderhoude met betroubare bronne, inligting uit vertroulike dokumente en in- dieptenavorsing oor Steinhoff se geskiedenis, onthul hy dít wat die groep oor jare probeer wegsteek het.
Steinhoff en die Stellenbosse Boys is ’n boeiende sakeriller wat nog dekades lank in sowel raadsale as sitkamers oorvertel sal word.
On 5 December 2017 the Steinhoff group was still worth R199 billion. Twenty four hours later more than R160 billion of this fortune was wiped out. The Steinhoff Empire which took 20 years to build into an international business giant, had crumbled overnight.
Markus Jooste, Steinhoff’s flashy CEO, resigned via SMS and has since been fleeing an avalanche of scandals and accusations: luxury homes for a blonde mistress, allegations of fraud, racing horses and unparalleled extravagance, a lavish, black Jaguar for an old university residence...
What exactly happened here? Who knew what? What is Steinhoff, who is Markus Jooste and what does it all have to do with the so called Stellenbosch mafia? Where does business tycoon Christo Wiese, Shoprite and Pepkor fit in and where is the pensioners’ money?
Well-known financial writer James-Brent Styan unpacks these and other questions in this astounding tale of power and greed, of secrets and deceit, and ultimately the biggest financial breakdown in the history of South Africa.
Through interviews with trustworthy sources, revelations from confidential documents and in-depth research about Steinhoff’s history, Styan uncovers what the group doesn’t want you to know.
Follow the Money: The story of Steinhoff, Markus Jooste and the Stellenbosch Boys is a gripping financial thriller that will be told as cautionary tale or salacious scandal in both boardrooms and living rooms for decades to come.
This new edition of Contemporary Retail and Marketing Case Studies is a collection of 34 studies of retail and marketing operations as told by individual companies.
Small, medium and larger companies relate the challenges they have faced and how they overcame them, and share their successes and frustrations in a frank and open manner. Each case is unique in its own way and addresses issues which are pertinent and relevant to the South African retail and marketing environment.
The value of this collection is that:
This book is a must-read for scholars, students and people concerned with the retail and marketing industry.
Retail has always been a dynamic industry but right now it is going through an unprecedented pace of change. Seismic economic shifts and breath-taking technological advances are changing the shopping experience faster than most retailers are able to react. Customers demand ever more exciting shopping experiences and have higher expectations of product, service, value and environment. And, as if that isn't enough to contend with, there is the multi-channel reality to get to grips with too. Any retailer that wants to stay in the game, let alone ahead of it, has to think in an entirely different way. Get it wrong, or move too slowly, and the customer will be lost forever. They'll already be onto the next big thing. Andrew Jennings is a global retail executive with four decades of leadership experience at some of the world's top stores. In his first book, Almost Is Not Good Enough, he shares his secrets on how retailers can thrive in this dynamic environment. Almost Is Not Good Enough is the up-to-date guide anyone involved with modern retail cannot afford to miss.
Once the owner of a diamond mine, a wine farm and the most expensive house in Cape Town.
Former chairman of South Africa’s largest retailer, director of the Reserve Bank and the richest man in the country. As a young man, Christo Wiese cut his teeth at Pep Stores. Over the years he built a mighty business empire, which included Shoprite and a number of other enterprises. His recipe for success: an endless love for cutting deals, a fearless appetite for risk and a keen eye for a bargain. This man of great charm has never been afraid of sailing close to the wind. Over the course of 50 years these calculated risks paid off, making him one of the most successful businessmen of his generation – until he encountered the furniture group Steinhoff, and things went awry. Business journalist and writer TJ Strydom tells the story of one of South Africa’s best-known business giants in a fresh, engaging way.
‘A fabulous, sweeping adventure read – almost a thriller – that chronicles the rags to riches rise of yet another giant of Afrikaner capitalism.’ – Peter Bruce
This comprehensive book provides students with the skills and savvy needed to become successful buyers in any area of retail. With a simple and straightforward approach, Clodfelter presents step-by-step instructions for typical buying tasks, such as identifying and understanding potential customers, creating a six-month merchandising plan, and developing sales forecasts. With coverage of math concepts integrated throughout the text, this new edition contains up-to-date coverage of important retailing trends, including more coverage of international buying and sourcing, integration of product development concepts throughout, and more math practice problems in chapters. Updated Snapshot and Trendwatch features present current info and new case studies from the fashion industry.Ample activities-drawn from real-world merchandising and incorporating current trends-give students the opportunity to apply critical skills as they would in a professional environment. New to This Edition: ~STUDIO: Retail Buying Studio features online self-quizzes, flashcards, math practic problems and Excel spreadsheet activities that align with chapter "Spreadsheet Skills" activities ~Additional math practice problems in end of chapter activities ~More than 20% new photographs throughout the book ~30% new Snapshot and Trendwatch features and updated content in all cases ~Expanded coverage of buying in foreign markets ~Integrated content on product development throughout PLEASE NOTE: Purchasing or renting this ISBN does not include access to the STUDIO resources that accompany this text. To receive free access to the STUDIO content with new copies of this book, please refer to the book + STUDIO access card bundle ISBN 9781501395260. STUDIO Instant Access can also be purchased or rented separately on BloomsburyFashionCentral.com.
Distribution channels are the most complex element of the marketing mix to fully grasp and to profitably manage. In this Handbook the authors present cutting-edge research on channel management and design from analytical, conceptual, and empirical perspectives. The ultimate objective of this Handbook is a comprehensive theory of distribution channels for scholars presented in enlightened surveys of the literature to tightly reasoned investigations. Channel management topics include value creation, interorganizational knowledge transfer, contract design, governance and control, and relationship management. Channel design topics encompass coordination, supply-chain management, price vs. quantity competition, channel breadth, franchising, resale price maintenance, and bricks-and-mortar vs. online retailer competition. The book concludes with a sketch of a Comprehensive Theory of Distribution Channels meant to incorporate and extend current thinking. The breadth of this Handbook makes it appropriate for use in a doctoral course on distribution channels, or as a knowledge-broadening resource for faculty and researchers who wish to understand types of channels research that are outside the scope of their own approach to distribution.
Traces the history of the two hundred year old London business noted for the style and craftsmanship of its dressing cases, furniture, silverware, trophi and silver models.
The advent of e-commerce and the rise of hard discounters have put severe pressure on traditional retail chains. Boundaries are blurring: traditional brick-and-mortar players are expanding their online operations and setting up their own discount banners, while the power houses of online retail are going physical, and hard discounters get caught up in the Wheel of Retailing. Each of these players has to keep up with the consumer - even successful companies cannot sit back and rest but need to prepare for the next wave of change. This Handbook sheds light on these issues with its research-based analysis of the strategic and tactical issues that comprise the state of the art in retailing. Leading scholars explore what we know from extant studies, what are the ensuing best practices, what evolutions are ahead, and whether current approaches still work in the future. This book's future-based perspective makes it an excellent resource for academics in retailing and marketing, as well as marketing and retailing consultants, retailers, and marketing managers.
Each Vermont country store carries its own particular stock of special wares and memorable characters. From the Connecticut River to Lake Champlain, country stores and their dedicated owners offer warmth against the blizzard, advice and a friendly ear or a stern word. Neighbors meet and communities are forged beside these feed barrels and bottomless coffee urns. Author Dennis Bathory-Kitsz returns once again to the Green Mountain State with this updated and revised history and guide to its beloved country stores. When Hurricane Irene threatened many of these local institutions and communities in 2011, Vermonters came together, often at their country stores. Explore the very heart of communities big and small, where locals have been keeping their house keys behind the counter and solving the world's problems on the front stoop for more than two hundred years.
Brookside's burgundy- and blue-striped awnings represent both a quaint corner of Kansas City where you can tread the creaky wooden floors of the Dime Store and a pragmatic philosophy that changed the way America planned its cities. Renowned developer J.C. Nichols's "plan for permanence" was built on his conviction that if a community could offer its residents everything they would want and need, build to high standards and plan for future growth, the community would last. The Brookside shopping district has been giving the community everything it could want and need since 1919, helping it weather economic turbulence, natural disasters and dramatic changes.
On television, Wal-Mart employees are smiling women delighted with their jobs. But reality is another story. In 2000, Betty Dukes, a fifty-two-year-old black woman in Pittsburg, California, became the lead plaintiff in "Dukes v. Wal-Mart Stores," a class action, representing 1.6 million women. In her explosive investigation of this historic lawsuit, journalist Liza Featherstone reveals how Wal-Mart, a self-styled "family-oriented," Christian company: Deprives women (but not men) of the training they need to advance. Relegates women to lower-paying jobs like selling baby clothes, reserving the more lucrative positions for men. Inflicts punitive demotions on employees who object to discrimination. Exploits Asian women in its sweatshops in Saipan, a U.S. commonwealth. Featherstone goes on to reveal the creative solutions that Wal-Mart workers around the country have found, like fighting for unions, living-wage ordinances, and childcare options. "Selling Women Short" combines the personal stories of these employees with superb investigative journalism to show why women who work these low-wage jobs are getting a raw deal, and what they are doing about it. A new preface to the paperback edition will reflect on Wal-Mart's response to this lawsuit and its critics-including this one.
Fashion is a business of smoke and mirrors, notorious for crushing the souls of most who dare to be part of the industry. Go on a global expedition with New York City-based fashion buyer, strategist, and consultant, Mercedes Gonzalez, as she learns that there is no glamour in fashion and that only cutthroat corporate espionage prevails. From politicking with blood diamond dealers and Russian kingpins to living in indigenous villages, she has relied on her street smarts and fear of her uncle in order to outwit the industry tyrants at their own game. The underdog becomes the overlord (at-large). You'll want to grab a notebook for all the business (and life) tips this read has to offer. Advance warning, this book will convince you to become a proponent of child labor, an advocate of GMO, and a cynic of organic cotton.
This Handbook explores and critically examines current research in economics and marketing science on key issues in retailing and distribution. Providing a rich perspective for the discussion of public policy, contributions from several disciplines and continents range from the history of chains and the impact of multinational retailers on international trade patterns to US merger policy in the retail context, the rise of the Internet, and consumer-to-consumer sales. The chapters address methodological issues such as the structural estimation of entry games between retailers, productivity measurement when both inputs and output are not fully observable, and demand estimation with variable assortment. Policy issues explored include mergers, zoning, and the regulation of buyer power, while other chapters address some of the recent exciting developments in technology, retail formats, and data availability. The book goes on to study the changes in online retailing and 'big data', and to examine competition in specific retail sectors including gasoline stations, automobile dealerships, supermarkets, and 'big box' retail. This state-of-the-art Handbook is an essential reference for students and academics of economics and marketing science, and offers an outsider's perspective to specialists in operations research, data analytics, geography, and sociology.
For courses in Retail Buying, Retail Merchandising and Fashion Merchandising. Retail Buying, Ninth Edition, is known for its clear depiction of retail buying, reflecting what buyers face every day in their pursuit of excellence. Focusing on the changes in today's market, the book addresses topics such as diverse ethnicities and the nuances of purchasing abroad. Contemporary market considerations are highlighted throughout, including chapters on buying for discount operations, using the Internet for product procurement, and methods of analyzing customer demand. With a host of end-of-chapter materials and visual aids, this book continues its tradition of effectively preparing students for their role as professional retail buyers.
For Services Management/Marketing or Marketing courses, particularly for undergraduate and graduate programs in Hospitality Management, Tourism Management, Leisure Management and Retail Management. This book addresses the hospitality industry from a services management perspective, offering the reader a series of management concepts - operations, marketing and human resources - all of which are capable of being effectively incorporated into all hospitality operations. The book's focus is on the ever-increasing demand of customers for service quality, as well as the other challenges facing hospitality establishments today - including intense competition, globalization, and technological innovation. This book stresses the point that in all services, including hospitality services, the human element (both employees and customers) is absolutely crucial - in selling services, hospitality enterprises are 'selling' personal relationships. Hospitality providers of all types will benefit from adopting the management philosophies and practices in this book - ones that have proven so effective in other service sectors.
This write-in workbook is an invaluable resource to help students improve their Maths and English skills and help prepare for Level 1 and Level 2 Functional Skills exams. The real-life questions are all written with a Retail context to help students find essential Maths and English theory understandable, engaging and achievable. Written by Carole Vella, a lecturer with a wealth of experience in the Retail and Business Administration industry, this workbook is an invaluable resource to support Maths and English learning in the classroom, at work and for personal study at home.
The first academic textbook covering European retail fashion buying and merchandising. It provides a unique insight into best practice across the fashion industry.
Covering design, marketing, sourcing, negotiation, range planning, supply chain and stock management, it clearly integrates current operational practice with theory.
This, combined with a thorough explanation of careers, makes it a key text as it provides an important reference source for existing practitioners, as well as being vital for students, new entrants and those seeking a career change into buying and merchandising.
'Retail Marketing Management covers all the essential theories needed to understand the complicated business of retail: from understanding the consumer and purchasing of the product through to store layout and communications. The writing style is easy to follow, and the text is supported by diagrams and case studies which enhance understanding and learning. I would recommend this book to anyone who wants to learn more about the retail business.' Nicole Dunlop, Course Director, London College of Fashion, UK Retail Marketing offers a contemporary approach that combines retail marketing theory, current retail management practice and international examples. It begins by looking at the nature of retailing as an activity and then introduces retail marketing, followed by a discussion of consumer behaviour, the retail marketing mix, and other important issues such as location strategies, branding and ethics. The authors and expert contributors take an integrated approach to explaining the process of internationalisation, and the inclusion of international examples reinforces this approach. The book is ideal for undergraduate and postgraduate students taking courses in retailing, as well as those studying for marketing and business degrees where retail marketing is a core module. The blend of retail theory, practice and live examples will also be of interest to practitioners in retailing and related industries. Key features Case studies and seminar discussion questions in every chapter Chapters and vignettes by expert contributors with a combination of academic and industry experience Retail practitioner cases which emphasise practical aspects as well as key theories in retail marketing New models that help to visualise interactions between marketing environments, retail marketing management decisions, and shopper behaviour Related online materials, including powerpoint slides About the authors Helen Goworek lectures in the School of Management at the University of Leicester, where she teaches postgraduate modules in marketing, including 'B2B Marketing and Supply Chain Management'. She is the author of two previous books about the fashion business, in addition to journal articles focusing on fashion buying and sustainability. Dr Peter McGoldrick has held four professorial posts in retailing, and is currently at the University of Manchester, UK. He has published several books and over 150 research papers and articles, which have appeared in the Journal of Retailing and Harvard Business Review, among others. Best Paper awards include those at the World Marketing Congress and the 2014 Academy of Marketing Science.
A collection of Eleanor Crow's beautiful watercolours of classic shopfronts. Published in partnership with Spitalfields Life Books, this timely volume celebrates the small neighbourhood shops of London. As our high streets decline into generic monotony, we cherish these independent shops and family businesses that enrich the city with their characterful frontages and distinctive typography. This collection includes more than 100 of Eleanor Crow's fine illustrations of the capital's bakers, cafes, butchers, fishmongers, greengrocers, chemists, launderettes, hardware stores, eel & pie shops, bookshops and stationers. The pictures are accompanied by the stories of the shops, their history and their shopkeepers - stretching all the way from Chelsea in the west to Bethnal Green, Clerkenwell and Walthamstow in the east. As well as beloved old and lost shopfronts, there are some recent examples of new shops that have been beautifully designed too - from cheesemongers to chippies. At a time of momentous change in the high street, this witty and fascinating personal survey champions the enduring culture of Britain's small shops.
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