A trading update for the first half of the year from Massmart on Friday spooked investors who had been banking on a stronger recovery. Game is at the centre of the problems.
It is not yet clear just how extensive the destruction of particularly retail and warehouse property and the looting of stock in the unrest in KwaZulu-Natal and Gauteng was.
E-commerce was one bright spot in an otherwise mostly grim set of results from Walmart-owned retail group Massmart for the 2020 financial year ended 27 December.
South African retail sales fell more than expected in November, despite deeper Black Friday discounts and month-long promotions, pointing to lingering weakness in the economy
Massmart said on Thursday its first-half headline loss widened to R1.1-billion, as sales at its stores fell due to Covid-19 restrictions. E-commerce, on the other hand, blossomed through the lockdown.
Walmart-controlled retail group Massmart said on Tuesday that it will cut as many as 1 800 employees at its Game stores in South Africa.
President Cyril Ramaphosa has warned of widening job losses as the effects of a shutdown to curb the spread of the coronavirus batter the economy.
In the midst of the Covid-19 lockdown, supermarket giant Pick n Pay is upping the ante in South Africa’s online retail game by launching a same-day grocery delivery service in partnership with Bottles.
Massmart-owned electronics retailer DionWired is gone. The troubled Walmart-owned retail group said on Thursday that all DionWired stores will cease trading at 6pm on 19 March.
South African companies have announced plans to cut more than 10 000 jobs less than three months into 2020 with electronics company Ellies the latest to start the process of reducing its headcount