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
Kaizer Chiefs coach Cedric Kaze has urged patience and composure after the club’s poor run… Read More
Kaizer Chiefs have suffered a major setback with two experienced players injured. Both Brandon Petersen… Read More
Premier Soccer League giants Kaizer Chiefs have reportedly set their sights on Nigeria international goalkeeper… Read More
Kaizer Chiefs’ preparations for the Soweto Derby were severely disrupted before kick-off, a reality that… Read More
Kaizer Chiefs registered a second successive victory in the CAF Confederation Cup group stages after… Read More
Across Africa, vehicle buyers and importers are discovering a new way to connect — through … Read More