Retailers Pining for Stability Pin Their Hopes on Ramaphosa
- Sluggish South African economy a key issue as election looms
- Consumer confidence slides to lowest in more than a year
Check out area inside a Pick n Pay Stores Ltd. supermarket in Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Londani Nemaguvhuni’s Sunday trip to the Mall of Africa north of Johannesburg is a finely balanced operation. The 29-year-old has to provide for his young son, but also needs to cut costs.
Like most South Africans, the construction foreman is feeling the effects of rising taxes, fuel costs and other bills alongside sluggish economic growth that’s put a dent in consumer confidence. A flurry of electricity blackouts could lead to a fifth year of less than 1.5 percent growth, while the joblessness rate stands at 27 percent.