South African retailer Food Lover’s Market has taken a step into the pet food market through a partnership with VetsMart, a pets goods retailer which has stores in Namibia and South Africa.
VetsMart’s new store that opened on May 6, 2024 in Hilltop Village in Namibia, is the first store to open as part of the new partnership.
The new store offers animatronics, an extensive range of products as well as a customer-centric approach to holistic pet care.
According to Food Lover’s Market, the partnership will strengthen the retailer’s proposition as a one-stop shopping destination.
The VetsMart stores will be rolled out in a similar way to Market Liquors and Seattle Coffee Co., which are located adjacent to the Food Lover’s Market stores.
Byron Stain, Food Lover’s Market liaison to VetsMart said: “The speciality pet sector is a growing retail segment, and pets are now considered part of the family and not banished to a life of scraps and outside living.
“This partnership will allow us to meet more of our customers’ pet family needs with a range of speciality pet products and services.”
Sean Smith, founder of VetsMart said he was thrilled the 20 year old family business serving had been “provided with a unique opportunity through this dynamic partnership to bring the same enduring qualities to its pet customers that Food Lover’s Market delivers to its human counterparts.”
According to Food Lover's Market, the retailer is focused on expanding its presence in sub-Saharan Africa as well as providing unique retail experiences and the partnership with VetsMart aligns with this goal.
"We are excited about this new partnership and expanding our footprint in this ever-growing sector,“ Stain said.
In South Africa, the market stands at R9.6 billion and is projected to grow by 12.74% while in Namibia, the pet food market is valued at R397 million and is expected to grow annually by 7.95%.
Food Lover’s Market’s is not the only retailer to enter the pet market as Woolworths, another South African retailer has gotten the green light from the Competition Tribunal to acquire pet retailer Absolute Pets.
In October 2023, Woolworths announced has announced their intention to acquire 93.45% of the shares in Absolute Pets (Pty) Ltd from Sanlam Private Equity and Absolute Pets management.
The Competition Tribunal has approved the transaction, which was effective from April 1, 2024.
IOL Business