SA’s retail apocalypse: how retailers lost their game
With SA’s once blue-chip retail giants reeling in tandem with the economy, straitened consumer spending and online shopping trends, is now the time for investors to snap up shares in retail stocks or flee?
On the northern outskirts of Joburg, Africa’s newest, biggest shopping centre, the Fourways Mall, has just opened. The size of 20 rugby fields, with a blockbusting 450 stores, the R9bn revamp means it now supersedes the previous megamall to hold that title: Midrand’s Mall of Africa.
Only, it couldn’t have come at a worse time for SA’s retailers. Globally, retail is at a crossroads, as newspapers report daily about some iconic chain having gone bust.