Retail sales hit record lows during lockdown
Outlook for the sector and the wider economy is weighed down by consumers’ ability to spend
22 July 2020 - 18:35
Retail sales for April and May had record-setting declines, mirroring the effects of the phased lockdown that has left SA’s embattled consumers and businesses reeling.
Though the economy is incrementally reopening, SA faces one of the worst recessions since the Great Depression. The outlook for the sector is overshadowed by rising job cuts and lower incomes — which will hurt consumer spending, analysts say...
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