ON THE UP AND UP

Finweek English Edition - - INVESTMENT -

Re­sults from retailers have again shown us just how tough it is as the con­sumer buck­les un­der pres­sure. Shoprite* re­sults were all right but one num­ber just jumps out – the trad­ing mar­gin, which now sits at 5.8%. Last year it was 5.6% and I thought that was about as high as it could go, 5.8% is a stag­ger­ing num­ber driven in part by higher mar­gins in less com­pet­i­tive Africa, but it is go­ing to make life for the com­pe­ti­tion very tough. Pick n Pay and Mass­mart are go­ing to strug­gle to grow mar­ket share when the mar­ket leader has

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