The cut-off dates for this year's Top 20 may have come just in time for Massmart, as consumer spending slows - though the mass retailer has proved resilient so far. It believes it has built a model that can trade through tough times. CEO Grant Pattison says: "We may miss some peaks in the cycle, but we are not over-stored - unlike some competitors. We will not be refurbishing unless stores really need it."The company is already moving to counter the slowdown in consumer DIY spend. The decision in mid-2005 to reduce operating expenses and simplify structures and processes has delivered. At a time when the retail sector is contracting, two chains - Builders Warehouse and Makro - have been growing market share. Says Nedcor Securities retail analyst Syd Vianello: "This is a management team that has correctly interpreted the changing business environment in SA. They have adapted the business to continue making money."
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