Source: Lauren Hartzenberg, Bizcommunity, 19 April 2021, photo credit: Talking Influence
While the financial impacts of the Covid-19 pandemic have left many retailers trading in an uncertain environment, Massmart CEO Mitch Slape said the retail group has recognised that while a large segment of consumers remains in financial distress, others are more flush with cash as monthly expenses have reduced.
Slape, a Walmart veteran who stepped in to lead Massmart in 2019, was in conversation with Deloitte’s strategy director and consumer products sector leader Mike Vincent during Deloitte’s State of the Consumer Tracker webinar last week.
As the owner of retail brands including Game, Makro and Builders, Massmart operates formats across a broad spectrum of consumers and LSMs. This means that the company has witnessed differing consumer behaviours dependent on income level and lifestyle. While consumer spending remains constrained, especially in the lower LSM groups, there are pockets of growth and opportunity in others.
“In higher LSM customers, we’ve seen a large portion continue to work from home, and many haven’t taken a substantial reduction in income,” said Slape, adding that expenditure usually allocated to commuting, travel, entertainment and work attire has been freed up to spend on discretionary goods.
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