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CHRIS GILMOUR: Is SA at the bottom of the retail dive?
Stats SA numbers for November, which incorporated the ‘Black Friday’ period, were uninspiring at a 2.6% increase
I’m exceptionally concerned about the SA economy, and specifically the retail sector. Over just a few recent days, Edcon announced closure of its Rosebank emporium; Massmart indicated the shutdown of Dion Wired and some Masscash outlets; and Stat SA numbers for November, which incorporated the “Black Friday” period, were uninspiring at a 2.6% increase
Consumer spending is suffering immensely, and the outlook is dismal as the SA economy battles rolling power cuts. Sharing my fears is Syd Vianello, independent retail analyst, who takes a whip around recent events in the sector and does not find much to celebrate.