Economy

Black Friday, holiday sales spur demand at South Africa's Shoprite

Date: Jan 30, 2024

South Africa's biggest supermarket group Shoprite, opens new tab reported this Tuesday a 13.9% jump in half-year sales, supported by a record Black Friday and festive season as shoppers went after food deals.

The retailer, with over 2,900 stores across Africa, said group sales for the six months ended December  31 rose to R121.1 billion ($6.44 billion). Second quarter sales, which include November and the Christmas holiday period, rose by 14.6%.
Cash strapped shoppers, hit by high interest rates and inflation, are spending less on discretionary items like clothes and shoes, spending their money on food and essentials.
--Reuters--

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