Cash Converters Open their 80th Store in Meadowdale Mall
“Now is the right time and Edenvale is the right place to open a new Cash Converters store in Meadowdale Mall”, says co-owner Dave van den Berg. He foresees the venture making the most of both local and global trends.
“The biggest shift in consumer buying today is to second-hand goods,” he says. “This is driven mainly by consumers having less cash to spend, supported by the fact that buying second-hand helps reduce manufacturing pollution and save the environment.”
Husband-and-wife partnership Dave and Elna van den Berg are now based in Pretoria but chose Edenvale as the site for their new venture because they have come to know it well over the years.
“Dave worked in Edenvale, Germiston and the East Rand for many years so we appreciate that it’s one of South Africa’s oldest established areas,” says Elna van den Berg. “We see this new store as an investment in the future of the area as well as in our own family.”
Dave van den Berg has high hopes for their new venture: “I want us to be running five shops in the next five years!” he says.
He backs those ambitions with the solid experience of practising as a chartered accountant for three decades.
“I’ve been CEO of various companies and specialised in business turnarounds so I understand why businesses fail and what signs to look out for to stop this in its tracks,” he says. “Just as important, I grew up in retail and understand consumer marketing.”
“We are delighted to welcome Dave and Elna and their astute thinking to the Cash Converters family,” says Richard Mukheibir, Cash Converters Managing Director. “All of us in the company know how each and every one of your skills and resources are tested and polished in setting up a new store. I went through it myself opening the first-ever Cash Converters store in Parow more than two decades ago.”
Mukheibir believes franchising enables would-be business owners to grow their business skills and investment within a supportive and professional environment and guides them in avoiding common start-up pitfalls.
“The Cash Converters business model offers a three-for-one income stream for franchisees – dealing in second-hand goods, pawnbroking and micro loans,” says Mukheibir. “We are confident that this, combined with our practical understanding and systems support and training, will help Dave and Elna reach their goals and establish the Cash Converters brand in one of our country’s traditional trading centres.”
About Cash Converters
Cash Converters Southern Africa was co-founded in 1994 when Richard Mukheibir (Managing Director) and Peter Forshaw (Financial Director) bought the licence to establish a master franchise of the Australian brand, the world leader in trading and marketing second-hand goods and now the world’s largest cash and asset converter. Cash Converters Southern Africa purchases merchandise from customers, enabling them to have instant access to cash. Since 2007, it has also offered short term loans against a customer’s valuables or against their salary. Cash Converters Southern Africa is built on a solid foundation of franchisee owner operators, guided by core values of passion, professionalism, integrity, respect and collaboration. It has already empowered more than 50 franchisees to run their own businesses and create their own wealth. Each franchise store, in turn, provides job opportunities for an average of 12 employees, each supporting about five other people. This network of businesses is supported by robust processes and systems and ongoing training programmes for franchisees and staff.
Dynamic growth of up to 20% per annum has created 75 Cash Converters franchise stores in Southern Africa (as at 1 January 2017). These stores process over 2.2 million transactions a year and have a combined annual turnover in excess of R1.2bn across all products and services.
They are part of the rapidly expanding Cash Converters International network of more than 700 stores around the world. These can be found in such diverse countries as Australia, the founding country, the United Kingdom, Thailand, New Zealand and the UAE, as well as South Africa. Cash Converters Southern Africa was a finalist for the Franchise Association of South Africa Franchisor of the Year Awards in 2014, 2015 and 2016.