Growing your business in a barren economy
In the lead up to the Budget Speech on Wednesday 26 February, the outlook for both consumers and retailers looks bleak. The primary balance adjustments are expected to fall short of previous estimations in combination with South Africa’s weaker nominal GDP growth, could mean an inevitable downgrade to junk status by ratings agency Moody’s.
Given that cash is still the most preferred method of payment in South Africa, Black Friday promises to be a cash bonanza for both consumers and retailers.
How can retailers mitigate their risk?
According to Statistics SA, the months of October, November and December account for around 29% of annual sales – indicating clearly just how important the last few months of the year are for retail sales.