| Massmart's new CEO Mitchell Slape has wasted no time in starting to cull loss-making stores after he was parachuted in by parent company Walmart to whip its local subsidiary into shape. The value Walmart has lost since buying a 51% controlling stake in Massmart for $2.3 billion in 2010 is staggering: it is now worth a fraction of that. However, with store closures come job losses in an economy that can scarcely afford them. First, however, there is a consultation process that has to be followed so the end result may not be as bad. Still, investors liked the news, sending Massmart's shares up by more than 5% yesterday. While retailers battle, so do the shopping centres that host them. And it's not just here - the UK market is also under pressure. Mothercare, a brand that has been around for close to six decades, supplying everything from babygrows to school uniforms, closed shop last Sunday, resulting in 2,500 job losses. New Frontier Properties broke into the UK market with the purchase of its first two shopping centres in 2015. Today, it's trying to sell some of its centres as retailers like Mothercare go under. More on those stories to follow, along with a better performance from RDI, the real estate investment trust that is reducing its exposure to the retail sector in favour of temporary office space. Meanwhile, RECM & Calibre is closing in on 100% control of Astoria following its recent mandatory offer to minority shareholders. Finally, if local property doesn't appeal, some European countries are reporting good growth in residential property, giving you the chance to diversify your portfolio away from the local economy. Click here to find out more about an offshore investing opportunity. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect | 