* This cover story was published in July 2015 and is the Financial Mail's most read story online. There are newer articles on Edcon that you can find in the related article section. WALK through the doors of Edgars’ elephantine flagship store in Johannesburg’s upmarket Melrose Arch precinct, and you’re likely to see the saleslady reapplying her lipstick. That may not seem unusual: her job, after all, is to be primped and primed. But attentive visitors will note that the lipstick is being reapplied every few minutes simply because there are so few customers for her to serve. Edgars isn’t alone in feeling the chill of the household spending crunch in Africa’s second-largest economy, as cash-strapped consumers are now in their worst position in 15 years thanks to power cuts, escalating living costs and tax hikes. But among retailers, it is the most vulnerable. This is because Edgars’ owner — the 86-year-old Edcon, which also owns CNA, Boardmans and Jet among other iconic brands — stan...
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