Retail sales record ‘moderate recovery’

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Retail sales have recorded what economists are calling a moderate recovery. According to Statistics South Africa, retail sales recorded an annual increase of 2.4% compared to 2.3% in July.

However, small retail owners are feeling the pinch.

Some shop owners say they have seen a significant drop in sales in the last 4-5 years.

Some shop owners in a shopping centre say that their shops have been in existence for 40 years and this is the first time they have seen such a significant drop in their retails sales. They are calling on government to do something to stimulate the economy and save their businesses.

Some shop owners say they can hardly make rent while others attribute the decline to a lack of tourists.

Economist, Ian Cruickshanks, says the recent unemployment figures show that there are fewer spenders on the market. He says listed retailers are also taking strain with retails giants like Mass Mart and Shoprite reporting massive losses.

According to data released by Stats SA, the main contributors to the latest increase are textiles, clothing, footwear and leather goods.

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