Retail giant Pick n Pay sold 5 percent more goods in the 3 months to November than it did over the same period in 2022, reports NewZwire.
Footfall or the number of customers who came to Pick n Pay shops increased by just 2 percent.
While most of the economy is now USD, less than 20% of sales at Pick n Pay is in USD. This is because retailers are forced to use the overvalued official exchange rate, which makes their goods more expensive.
Commenting, Pick n Pay says: “The exchange rate policy remains an albatross on formal retail in attaining the dollarisation level reached by most businesses in the economy.
Zwnews
