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.
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
Although yet to recover from Edcon’s woes and downsizing, South Africa’s shopping centre landlords are set to face even more intense rental negotiations with other major retailers.
Less than a month into 2020, South African companies have already announced thousands of job cuts. In a country where a third of the labour force is already unemployed, this will put even more strain on economic growth.
Less than a month into 2020, retrenchments, the trimming of workforces and restructuring talks are dominating the news.