(Wall Street Journal) — There’s a new gold rush under way for the African consumer, a campaign that spans the continent and aims to reach an emerging middle class. These are the people who have begun to embrace cellphone messages, restaurant meals and trips down supermarket aisles. In Kenya, a battle between units of Britain’s Vodafone Group PLC, and India’s Bharti Airtel Ltd. has driven down the consumer’s cost of a text message to a penny. Yum Brands Inc. of the U.S. recently said it wants to double its KFC outlets in the next few years to 1,200. And Wal-Mart Stores Inc. has agreed to pay nearly $2.5 billion to buy 51% of South Africa’s Massmart Holdings Ltd., with plans to use the discount retailer as a foothold for continental expansion. Andy Bond, Wal-Mart’s regional executive vice-president, describes the potential as a “10- to 20-year play.”
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