Woolies was our pick for the year in January 2006 and it hasn't disappointed. Its share price progress has been steady, just like the underlying fundamental improvements in the business.
Food has always been the best performing part - it's one of the few food retailers that's gaining market share - but the clothing and homeware side is now playing catch-up.
The strategy is to persuade an ever-increasing number of Woolies food shoppers of the value proposition that lies on the clothing side.
The clothing merchandise and the layout of the stores is having a noticeably positive impact. The financial services division is also going nicely and Woolies is at the forefront of banking through retail outlets in SA.
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