Massmart
Massmart is a South African retail and wholesale group operating discount, warehouse-club, home-improvement and cash-and-carry chains across sub-Saharan Africa.
Last updated August 26, 2026
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Overview
Massmart is a South African retail and wholesale group headquartered in Sandton, Gauteng. Established in 1990 through the acquisition of six Makro stores, it developed into one of Africa's largest distributors of consumer goods and a major operator of general-merchandise, food, liquor and home-improvement outlets. Rather than presenting a single uniform consumer proposition, Massmart operates a portfolio of chains aimed at different shopping missions: Game focuses on general merchandise and value-oriented retail; Makro combines warehouse-club and wholesale formats; Builders serves home-improvement and building-trade customers; and the Masscash division supplies independent retailers and cash-and-carry shoppers. The group grew through a multi-format and multi-country strategy. Its businesses have included large warehouse stores, discount department stores, home-improvement outlets, food stores and wholesale cash-and-carry operations. The portfolio has served both household consumers and business customers, including small retailers, builders, contractors and other trade buyers. This mix gave Massmart exposure to recurring food and household demand as well as higher-value discretionary and construction-related categories. Massmart became a public company on the Johannesburg Stock Exchange in July 2000. Its public-company period was defined by continued regional expansion and by the strategic importance of its relationship with Walmart. In November 2010, Walmart proposed buying a 51 percent stake. The transaction attracted scrutiny from South African government departments and the retail labor union SACCAWU, which raised concerns about employment, local suppliers and the possible effects on smaller producers and businesses. South Africa's Competition Tribunal approved the acquisition in May 2011, and Walmart completed the purchase in June of that year. Subsequent legal challenges were dismissed by an appeals court in March 2012, although the court recognized that concerns about employment and small producers were legitimate issues for consideration. Walmart later moved to consolidate its ownership. In August 2022 it offered to acquire the remaining shares, and the transaction was completed by the end of November 2022. Massmart consequently ceased to be a separately listed company and became a wholly owned Walmart subsidiary. The deal preserved Massmart's local brand portfolio while placing the group within Walmart's global corporate structure. As of 31 October 2022, Massmart operated 411 stores in South Africa and 12 other sub-Saharan African countries. Its businesses have included Game, Makro, Builders Warehouse and related Builders formats, as well as CBW, Jumbo Cash and Carry, Cambridge Food, Shield, The Fruitspot, Trident and other regional operations. Some named formats have been closed, sold or otherwise changed over time, so the portfolio should be understood as historically evolving rather than fixed. Massmart's current identity is therefore that of a Walmart-owned African retail platform whose principal strengths are scale, multi-format distribution, wholesale reach and established local store brands.
History
Massmart was founded in South Africa in 1990, beginning with the acquisition of six Makro stores. The company used that base to build a broad retail and wholesale platform rather than remaining limited to a single store concept. Over time, its operations were organized into four principal divisions: Massdiscounters, Masswarehouse, Massbuild and Masscash. These divisions supported different formats and customer groups, ranging from discount general merchandise and warehouse retail to home improvement, food distribution and cash-and-carry wholesale. The company expanded the portfolio around recognizable chains. Game became the principal discount general-merchandise banner, while Makro developed as a warehouse and wholesale operation. Massbuild included Builders Warehouse and related formats serving consumers and the building trade. Masscash brought together operations such as CBW, Jumbo Cash and Carry, Cambridge Food, Shield and Trident. The resulting group served both households and business customers and sold products including groceries, basic foods, liquor, appliances, electronics, household goods, hardware, tools and building materials. Massmart listed on the Johannesburg Stock Exchange on 4 July 2000 at R12.50 per share. Its public listing made the group a significant South African retail company and provided a platform for further development. The most consequential strategic event in its listed history came in November 2010, when Walmart proposed acquiring a 51 percent stake. The proposed transaction, reported at approximately R17 billion, raised questions about the effects of a global retailer entering a major position in South African retail. SACCAWU and South African government departments challenged the deal, citing potential consequences for workers, domestic suppliers, small producers and competition. Massmart shareholders approved Walmart's offer on 18 January 2011 at R148 per share. The Competition Tribunal approved the acquisition in May 2011, and Walmart completed the purchase of 51 percent of Massmart in June. The South African government subsequently pursued an appeal, while SACCAWU had also challenged the transaction. In March 2012, the appeals court dismissed the government ministries' case. Although the court recognized that concerns about employment and smaller producers were legitimate, the ruling effectively brought the principal legal challenges to an end. Massmart continued operating under its established South African and regional brands within Walmart's ownership structure. Its geographic footprint included South Africa and multiple sub-Saharan African markets. The portfolio changed over time: some operations were sold, some formats were reported as closed, and the international presence varied by chain and period. Examples include Game's operations across several African countries, Builders formats in selected southern African markets, and Masscash businesses operating in South Africa and neighboring countries. In August 2022, Walmart offered to acquire the remaining Massmart shares. The transaction closed by the end of November 2022, making Massmart wholly owned by Walmart and ending its separate public-market status. As of 31 October 2022, the group operated 411 stores in South Africa and 12 other sub-Saharan countries. Massmart's historical significance lies in its combination of local retail brands, regional distribution capabilities and a multi-format business model, followed by its transformation from a listed South African group into a wholly owned Walmart subsidiary.
- 2022
Walmart moves to take Massmart private
[1]Walmart offers to acquire the remaining non-controlling shares in August.
- 2022
Massmart becomes wholly owned by Walmart
[1]The acquisition of the remaining shares closes by the end of November, removing Massmart from separate public ownership.
- 2012
Appeal against the merger is dismissed
[1]An appeals court dismisses the government ministries' challenge to the merger, effectively ending the main legal contest.
- 2011
Shareholders approve Walmart's offer
[1]Massmart shareholders approve Walmart's offer of R148 per share on 18 January.
- 2011
Walmart completes the purchase of a controlling stake
[1]Following regulatory approval, Walmart completes its purchase of 51 percent of Massmart in June.
- 2010
Walmart announces a 51 percent acquisition proposal
[1]Walmart proposes acquiring a controlling interest in Massmart in a transaction valued at approximately R17 billion.
- 2000
Massmart lists on the Johannesburg Stock Exchange
[1]The company lists on the JSE on 4 July at R12.50 per share.
- 1990
Massmart is founded through Makro acquisitions
[1]Massmart begins operations with the acquisition of six Makro stores, establishing the foundation of its warehouse and wholesale business.
Products and positioning
A large-scale, value-oriented African retail and wholesale group serving consumers, independent retailers, builders, contractors and other business customers through multiple specialized formats.
Discount general merchandise
Game
Game is Massmart's discount-oriented general-merchandise chain. Its assortment has included household goods, appliances, consumer electronics, groceries and other everyday products. The banner has operated in South Africa and a number of sub-Saharan African countries, making it one of Massmart's most regionally visible consumer-facing brands.
Warehouse retail and wholesale · 1990
Makro
Makro is the warehouse-based business from which Massmart originated. It serves consumers and business buyers with large-format stores and a broad assortment spanning food, liquor, general merchandise, appliances and household products. The format combines retail shopping with wholesale-style scale and distribution.
Home improvement and building supplies
Builders
The Builders portfolio serves home-improvement customers as well as builders, contractors and trade professionals. Its formats have included Builders Warehouse, Builders Express, Builders Trade Depot and Builders Superstore. Assortments include hardware, tools, building materials, garden products and other supplies used in construction, maintenance and renovation.
Food wholesale and cash-and-carry
Masscash
Masscash is Massmart's wholesale and cash-and-carry division. It has included CBW, Jumbo Cash and Carry, Trident, Cambridge Food and Shield. The division distributes food and basic consumer goods to households, independent retailers and other commercial customers across South Africa and selected neighboring markets.
Consumer electronics retail
DionWired
DionWired was a Massdiscounters format focused on consumer electronics and related technology products. Reference material indicates that the format was reported as having ceased operations in South Africa; its historical inclusion reflects Massmart's experimentation with specialized retail concepts.
Brand decisions
2022
Take Massmart private through Walmart's purchase of remaining sharesM&ABackground
After owning a controlling stake since 2011, Walmart sought full ownership of Massmart and announced an offer for the remaining non-controlling shares in August.
Action taken
Walmart completed the scheme by the end of November, making Massmart a wholly owned subsidiary.
Aftermath
Massmart ceased to be separately listed while continuing as a Walmart-owned retail and wholesale group.
2010
Accept Walmart's proposed controlling investmentM&ABackground
Walmart proposed acquiring 51 percent of Massmart in a transaction valued at approximately R17 billion. The proposal offered Massmart access to a global parent while prompting concerns from unions and public authorities about employment, suppliers and smaller producers.
Action taken
Massmart proceeded with the transaction after shareholder approval and regulatory review.
Aftermath
Shareholders approved the offer in January 2011, the Competition Tribunal approved it in May, and Walmart completed the acquisition of 51 percent in June. A subsequent appeal was dismissed in 2012.
Proposed transaction value. Approximately R17 billion proposed value; Walmart acquired 51 percent (2010-2011)
Recent events
- Unconfirmed
Massmart appoints Charmagne Mazhindu as VP of Marketing[2]
Reported:
Massmart appointed seasoned marketing leader Charmagne Mazhindu as its new Vice President of Marketing, strengthening the retailer's executive leadership team.
Mastercard partners with Massmart on digital commerce access for small businesses[3]
Reported:
Mastercard partnered with retail group Massmart to connect small, medium, and micro-enterprises to digital commerce solutions. The collaboration also enabled small traders to purchase point-of-sale devices at discounted prices.
Shoprite to acquire Massmart non-core retail assets[4]
Reported:
Shoprite said it would acquire Massmart's wholesale and retail chains for R1.4 billion. The proposed transaction covers several businesses and remains subject to conditions, including regulatory and competition approvals.
Massmart agrees to sell food assets to Shoprite[5]
Reported:
Massmart announced that it is selling non-core food assets to Shoprite Holdings for 1.36 billion rand. The transaction covers Cambridge Food, Rhino, Massfresh and 12 Cash & Carry stores, and was expected to close early in the first quarter of 2022.
Massmart plans sale of food assets to Shoprite[6]
Reported:
Massmart announced plans to sell Cambridge Food, Rhino, Massfresh and 12 Cash & Carry stores to Shoprite Checkers. The transaction was expected to close in early 2022.
Massmart closes 23 Dion Wired stores[7]
Reported:
Massmart said it would cease trading at all 23 non-performing Dion Wired stores on 19 March 2020, following consultations with employees, organized labor and other stakeholders.
Massmart starts restructuring involving store closures and retrenchments[8]
Reported:
Massmart announced that it had started restructuring the company, a process expected to affect 34 DionWired and Masscash stores and about 1,440 employees. The final number of stores to close was subject to consultations with the union.
Sources9 sources
- 1Massmarten.wikipedia.org
- 2Massmart任命Charmagne Mazhindu为营销副总裁themediaonline.co.za
- 3万事达卡与 Massmart 合作推动小企业接入数字商务iol.co.za
- 4Shoprite拟收购Massmart非核心零售资产iol.co.za
- 5Massmart同意将食品资产出售给Shopritefinancialpost.com
- 6Massmart计划将食品资产出售给Shopritebizcommunity.com
- 7Massmart关闭23家Dion Wired门店thesouthafrican.com
- 8Massmart启动涉及关闭门店和裁员的重组mg.co.za
- 9Massmart sells non-core food assets to Shoprite for R1.36bnengineeringnews.co.za
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