No quick fix for Massmart, despite online shift 🔒
At the start of the coronavirus lockdown two months ago, the country’s big retailers reported unprecedented sales growth that commentators viewed as temporary.
The fable is no different for retailer Massmart, which reported a sales drag resulting from the adverse effect of the lockdown this week. The retailer is anticipating headlines losses of R1.2bn and said that sales have dropped a dramatic 11.9% to R28.2bn.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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