Economics
Spar CEO Sees South African Politics Hurting Consumer Confidence
- Food, liquor retailer says Gordhan firing is blow to economy
- Spar focus on local products, liquor helps sustain growth
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Spar Group Ltd. said the firing of South African Finance Minister Pravin Gordhan and subsequent credit rating downgrades had caused a “massive loss of confidence” among shoppers already battling weak economic growth.
While there has yet to be a “huge impact” on trading at the Durban-based food and liquor retailer, the decision by President Jacob Zuma at the end of March was another barrier to economic growth, Chief Executive Officer Graham O’Connor said in a phone interview on Wednesday.