| Retailers are taking tough measures to stay afloat in a difficult environment, including replacing their CEOs. And investors clearly like the news. Woolworths gained over 8% yesterday after the retailer said it was replacing Ian Moir with Roy Bagattini, a South African with wide global experience, including turning around troubled businesses. While Woolies' food division continues to perform strongly, it's Moir's ill-timed acquisition of the David Jones department store chain in Australia that has irked shareholders, coinciding with a downturn in the retail sector in that country. That has weighed heavily on the group's share price. After topping R100 in late 2015, its value has halved. Outpacing the gains in Woolworths' share price yesterday was Massmart, which added a further 8.6% a day after it announced a restructuring under recently-appointed CEO Mitchell Slape. Shopping centre owners Hyprop and Liberty Two Degrees have played down the potential impact of store closures. Meanwhile, Brait's shareholders have approved a recapitalisation, paving the way for the sale of some of its investments. It too has had a tough time in the retail sector, but in the UK rather than SA. Also in your newsletter today, Chris Gilmour takes a look at some of the events that have driven global markets over the past week and highlights some of the data to watch out for in the coming days. Finally, Uprise Africa has launched its first real estate crowdfunding opportunity which it believes is a win-win for everyone, from developers to investors, as well as local communities and landowners. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect | 