Almost half these businesses didn't have insurance and have closed permanently, while 10% have retrenched staff.
Destruction and vandalism at Mams Mall in Mamelodi after the night's riots and looting that spread throughout Gauteng, 13 July 2021, Pretoria. Picture: Jacques Nelles
The key findings of the survey, done shortly after the riots by specialist management consultancy Redflank during July, specifically investigated the impact of the riots on businesses across various sectors and found that:51% of impacted businesses in KwaZulu-Natal and Gauteng have closed89% of the businesses impacted are SMMEs10% of the staff at impacted businesses were retrenchedIN PICS: Looting and violence in Gauteng and KZNThe impact on SMMEs is important, because this sector provides more...
“As expected, the most affected businesses are in KwaZulu-Natal, where 76% of the participants said they have been affected in some way. In Gauteng, the percentage is slightly lower at 54%, but this is still more than half of businesses in the country’s commercial and economic hub,” says Lings Naidoo of Redflank.
He points out that damage to property was extensive. “Our survey showed that 42% of the businesses reported damage to their premises and 8% said they have lost everything. Their premises were completely destroyed.”Businesses in the retail, accommodation and food, health, and social services sectors were mostly affected.
The stock of more than a third of the businesses surveyed was looted and more than half of those that lost revenue through looting were large corporates. It will take six to eight months for damaged businesses to repair their premises, while others say it will take around five months to get back to business.Role of insurance
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