Retail and Wholesale

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    September retail sales registered a very robust 5.4% y/y expansion, with all categories apart from hardware growing in the month. The September print, the last for the third quarter, saw the quarter-on-quarter change come in at 1.4%. General dealers, which expanded by 3.4% y/y was the second biggest contributor (1.5pps) after “other retailers”, which have […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    August retail trade sales exceeded our expectations of modest growth, registering an extremely robust 5.5% y/y and 2.4% m/m. The print was the highest annual growth rate since May 2013, and didn’t come off a particularly low base.  Year-to-date, retail sales are tracking 1.5% higher than at the same point last year. General dealer sales […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    July retail trade sales registered the fifth consecutive positive reading for 2017, expanding 1.8% y/y (unadjusted) from an upwardly revised 3.2% in June. In fact, all of the second quarter numbers were revised higher, but it remains to be seen whether this will have any impact on the quarter’s GDP numbers when they are next […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    June retail trade sales expanded 2.9% y/y (unadjusted), the strongest figure posted since November 2016. General dealer sales, which accelerated to 2.5% y/y, added 1.1 pps while a 12.4 % y/y increase in food and beverage sales added another 0.9 pps. After a very poor start to the year, it appears that clothing retailers may […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    March retail trade sales expanded 0.8% y/y, the first positive print for the year. It was, however, not enough to drag the sector into positive territory for the quarter, and we expect retail sector GDP to contract by -3.5% q/q in 1Q17, shaving half a percentage point off GDP. Retailers of food and beverages, pharmaceutical […]

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