Challenged retail sector to be hit by downgrade - research

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Johannesburg – South African retailers saw the weakest growth in seven years in 2016, mainly due to poor economic growth and recent political events may make it harder to achieve projected economic growth of 1.2%, research by EY revealed.

According to EY’s report on South Africa’s retail sector for 2016, the retail environment was also impacted regulatory and political pressures, low credit growth, low investment levels and the drought which impacted economic growth.

The EY analysis surveys the 12 largest retailers in South Africa, which account for nearly R600 bn in annual sales. It focused on grocers, speciality and clothing categories.

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