Shoprite spending $416 mln on upgrade, expansion

JOHANNESBURG Aug 23 (Reuters) - Shoprite , Africa's biggest grocery retailer, is spending 3 billion rand ($416 mln) on the upgrading and expansion of its distribution centres, the company's deputy managing director Carel Goosen said on Tuesday.

The company's CEO had earlier said that Shoprite would open 24 new stores by June next year on the back of increased competition in the sector.

South African retailers are gearing up to take on the world's biggest retailer Walmart , which took a 51 percent stake in Massmart and said it would expand the local retailer's food retailing business. ($1 = 7.214 South African Rand) (Reporting by Tiisetso Motsoeneng, writing by Olivia Kumwenda)