(3 minutes read)
· The group in a trading update for the 20 weeks to August 15, posted that online sales post lockdown were up 75%
· Most of the online companies have reported surge in sales during the Covid-19 pandemic
· The Durban-based national apparel and home retail giant Mr Price Group has seen a surge in online sales. It has increased its market share post the lockdown though the online sales.
The group in a trading update for the 20 weeks to August 15, posted that online sales post lockdown were up 75%. Most of the online companies have reported surge in sales during the Covid-19 pandemic.
However, the South African retail market has not seen as significant growth in online retail as the likes of the US and UK. The coronavirus-induced surge in online shopping is likely to put further pressure on retail landlords that have also been hit hard by the pandemic fallout.
Shopping centers are offering most retail chains rental discounts for the lockdown period. Clothing, home and general merchandise retailers were not allowed to trade. They faced major restrictions during the initial hard lockdown from late March to the end of April, as also during the relaxed alert Level 4 period in May.
With a higher proportion of credit sales, the group said that “this division is more affected by the general slowdown in the credit environment. Mr. Price’s biggest divisions are its apparel, home and sports chains.
