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OK Bazaars is one of the oldest retail shops in South Africa, established in 1927 by partners Michael Miller and Sam Cohen still in existence today. [1] The first shop opened in corner President and Eloff streets in Johannesburg and over the years the brand grew to have more than 100 shops around South Africa.
In 1997 struggling "OK Bazaars" was acquired by the company from South African Breweries for one rand, [6] adding 139 OK Bazaars stores and 18 Hyperamas to the company. [7] In 2000 the group opened its first supermarkets in Zimbabwe and Uganda. [8] [9] Two years later the company acquired the Madagascar stores of French chain Champion.
In March 1987, the naming rights of the division were sold to South African Breweries who also sponsored the NSL's top-tier league with their Castle Lager brand (the top tier was known as the Castle League), the competition was titled the OK League after the brewery's bazaar chain "OK Bazaars".
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Changes in consumer preferences towards less expensive goods had a negative effect on the premium retail market in the mid-1990s. SAB off-loaded the OK Bazaar grocery chain in 1997 for one rand, after losing nearly R20 million per month. And at the beginning of 1998, the Clothing and Footwear, as well as the furniture divisions were also sold.
A bazaar is a marketplace consisting of multiple small stalls or shops, especially in the Middle East, the Balkans, North Africa and South Asia. However, temporary open markets elsewhere, such as in the West, might also designate themselves as bazaars.