COMPANY COMMENT: Truworths must come up with a new strategy
Truworths’ full-year results make it all too clear it is no longer the retailer of choice for shoppers
Truworths has had the same CEO for just under three decades. Michael Mark is the longest-serving leader in the local retail sector. In that time, SA transitioned to a democracy and what was essentially a closed market opened up to more competition.But the department store style retail landscape of yesteryear died a slow death, finally expiring with Stuttafords when it closed its doors officially on July 31. The scope of contenders now begins and ends with Woolworths and Edgars. Entrants such as Sweden’s H&M are making serious headway in the country. Without the legacy issues of long-standing retailers — such as store credit sales — the chain is proving popular with many consumers. H&M may be struggling in its home and core markets, but its business is booming in SA, showing that despite the slowdown in spending, consumers will choose to buy where they feel their needs are being met. The chain has just opened its 12th store and has plans to open five more in 2017 alone. As Par Darj, ...
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