Retail trade sales rose by 4.6% in August 2010 compared with the same period last year, according to data released by StatsSA on Wednesday. The growth, although positive, is in stark contrast to many predictions. Yet, it was not completely unexpected, "the slowdown I think is more than what one would have anticipated, obviously part of the slowdown is the fact that it's post the World Cup, and there is no doubt that the World Cup did boost sales from May," said Kevin Lings, Chief Economist at Stanlib, to Reuters. This easing of sales has been anticipated for several weeks in large part due to the deflation of the post World Cup sales bubble.
In other data released by Stats SA, it was seen that retail sales grew by 6.7 percent in the three months to August, compared with the same period a year ago, also at constant prices.
In the manufacturing sector the atmosphere is equally glum as factory output only rose by 5.3%, a much steeper decline than anticipated when compared with the same period last year. During the month of August production fell 3.6%, a large part of the dip being attributed to the strike in the automotive sector.
Pick n Pay are having a tough week as they juggle local and foreign situations. In Australia the outlook is still uncertain with regards to the proposed sale of their Australian based Franklins business to Metcash. On Monday, Pick n Pay provided an update of their dealings down under which included an alternative exit strategy. The latter was partly due to the complications the South African retailer was having with the Australian Competition and Consumer Commission (ACCC). “The alternative exit strategy is the sale of the Franklins stores and other strategic assets individually or in groups via a tender process.” On the domestic front they’re facing some 27000 employees who are preparing to go on an extended strike after their wage demands were not met.
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