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Against a backdrop of poor economic growth, unlikely to change soon, the outlook for consumer spending and JSE-listed retailers is not inspiring. This was the view voiced at a JSE retail-sector masterclass hosted by the Investment Analysts Society of SA. Panel members were retail analysts Syd Vianello and yours truly.

In a reflection of his decades as a retail analyst, Vianello highlighted some dramatic changes he has seen, being consumer choice in the furniture market, the credit-granting profile of the industry as well as the diminished power of the retailer to insist on getting generous purchasing terms. ..

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