South African Retailers Pass Higher Prices Onto Customers
- Retailers seeking to protect margins as customers dwindle
- Scant outright bargains seen in global trend, analyst says
A supermarket in Centurion, South Africa.
Photographer: Waldo Swiegers/Bloomberg
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South African retailers are offering fewer discounts and passing on rising prices to shoppers even after consumer confidence on the continent’s third-largest economy remained subdued for 18 straight quarters.
Shoprite Holdings Ltd. this week reported a 15% jump in revenue, with Africa’s biggest grocer mirroring improved sales by peers including Mr Price Group Ltd. and Clicks Group Ltd. Pepkor Holdings Ltd., the continent’s largest clothing retailer, also announced better growth and pointed to a marked improvement in full-price sales.