History
Founded by Max Sonnenberg and his son Richard, Woolworths South Africa first opened its doors on 30 October 1931 in Plein Street Cape Town, in what had been the stately dining room of the famous Royal Hotel. While Sonnenberg had no affiliation with Woolworths in Europe, North America or Australia, his plan was to develop a chain of stores based on Woolworths Australasia Ltd.
A pivotal point in Woolworths' history came after World War II, when the company established its relationship with Marks & Spencer (M&S) of London. Sonnenberg and Sir Simon Marks, son of the M&S founder, became good friends which led to M&S buying all unissued share capital of Woolworths in 1947. Later, David Susman, Woolworths' Managing Director, married Anne Laski, Lord Marks' niece. David Susman became a non-executive director of M&S, a position he held for nearly 30 years. Although M&S ultimately sold its shares of Woolworths, the two companies maintained close personal ties as well as a formal technology agreement.
Woolworths merged with Truworths in 1981 to form the Wooltru Group (JSE:WLO). Over a twenty-year relationship the company underwent much change and transformation that significantly improved sales and profits, before it was partially unbundled from the group in 1997. In 1998, the company bought a controlling interest in Australian clothing retailer Country Road. Woolworths became fully independent again in 2001.
Simon Susman, David's son, became Chief Executive of Woolworths in 2000. David Susman died on 11 May 2010 at the age of 84. Simon Susman resigned from his post as CEO at the end of 2010.
Read more about this topic: Woolworths (South Africa)
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