Onwards and upwards! - 23 Jan 2012

If you listened carefully on Thursday, you were sure to hear the collective sigh of relief from homeowners countrywide as the Monetary Policy Committee announced it was keeping the repo rate unchanged, thereby keeping the interest rate stable at 9%.

Retailers, too, have been smiling all the way to the bank as news of increased turnovers comes in, though some faired better than others. Retail trade sales for November also increased year-on-year, but were down month-on-month.

The Bureau of Market Research released its 2012 retail sales forecast yesterday, predicting only moderate growth as high inflation is expected to eat away at consumer purchasing power.

Pick n Pay is beefing up its team with the introduction international retail pro, Helmut Hoerz, as head of merchandising. Edcon, meanwhile, has appointed 21-year Edgars veteran Mark Richard Bower as its new CFO and deputy chief executive. Best wishes to the two in their new posts.

Onwards and upwards!