TFG has spent R220m in capital expenditure on back-up solutions for loadshedding, while incurring a further R65m in “unbudgeted direct costs” like diesel, security and maintenance. Moneyweb retail
Fashion and homeware retailer The Foschini Group estimates that elevated power cuts towards the end of 2022 reduced TFG Africa’s retail turnover by about R1 billion, following a spike in abnormal costs, lost trading hours and decreased footfall in its stores for the 2023 financial period.
” “Further, due to load shedding, retail footfall has declined in some regions and this, together with a change in consumer spending patterns, has impacted all South African retail.” The group – which owns a diverse mix of brands including donna, Relay Jeans, Exact, The Fix, Sportscene, Coricraft and @home – says it lost approximately 345 000 trading hours for the 11 months ended February. Trading hours lost in the first two months of 2023 reportedly surged by 9.
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