Power cuts, inflation and high interest rates hurt retail confidence
The BER’s retailer confidence and profitability indices fell to their lowest levels since mid 2020, when hard Covid-19 lockdowns were in place
Retail confidence dropped in the second quarter of 2023 as a result of soaring load-shedding-related costs, persistently high food inflation and rising interest rates — now at a 14-year high — all factors that have led to a marked deterioration in retailer profitability.
The Bureau for Economic Research’s (BER’s) quarterly retail trade survey shows that retailer confidence dropped to 20% during the second quarter of 2023, down from 34% in the first quarter...
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