Tag: retail industry
One of the biggest sectors in most industrialised economies is the retail industry, and it is also one of the hardest hit industries during Covid-19 due to lock-down restrictions and a decrease in consumer buying power. Joining CNBC Africa to unpack the future of the retail industry in both South Africa and the U.K is Howard Saunders, Retail Futurist and Consultant at 22and5.
Africa’s biggest supermarket chain, Shoprite Holdings recently announced it is closing one of its branches in Kenya and laying off over 100 workers due to a reduction of shoppers. Elsewhere, the International Finance Corporation is set to acquire a minority stake in retail chain Naivas International Limited for $15 million. For more updates in Kenya’s retail market and how it’s coping with the pandemic, CNBC Africa spoke to Ken Gichinga, Chief Economist at Mentoria Economics.
With the retail industry undergoing a significant transformation over the past decade, retailers and Asset Managers have to adapt and respond to shifts in consumer preference. CNBC Africa’s Fifi Peters spoke to Dion Chang, Trend Analyst and Founder of Flux Trends about what owners in the shopping space can do to insure they keep up with the evolution of the digital age.
What does the future hold for Nigeria’s retail industry?