'Black Friday' sales make their mark in South Africa

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Black Friday, which takes place each year on the Friday following Thanksgiving, is regarded as the beginning of the Christmas shopping season, with retailers across America offering discounted prices.

Weak retail sales growth

South Africa's retail trade sales growth was weaker than expected in September of this year, causing some concerns for the retail sector. Although retail sales grew by 0.2% in September 2013, compared with the same month last year, economists had predicted a growth of over 2.5%. According to statistics released recently by Stats SA, during the previous month of August retail sales grew by a revised 3.2%.

When looking at the statistics on a month-on-month basis, retail sales were down by 0.7% but were up 2.1% in the three months to August compared with the same period in 2012.

Paul Greenberg, chairman of Going.co.za, says, "Shortly after these statistics were released the retail sector reacted. Various retail stocks dropped with Pick n Pay at R46.10, a drop of 0.77%, Woolworths down 1.57% to R68.90 and Mr Price at R148.02, a drop of 1.24%.

According to the Australian-founded company, weak South African retail sales and cost-conscious retail buyers have boosted its business, which offers discounted prices to small businesses and entrepreneurs across Africa.

This Friday, the site will be offering an extensive selection of electronic items, many of which will be selling below cost prices, which has created much excitement in the local retail environment with retailers gearing up for the Christmas shopping season.

Electronics below cost

The lots on offer include a selection of televisions, cameras, sound systems, sound accessories and other electronics, as well as various small appliances, all of which will be available as of 8am this morning, Friday 29 November.

"We have already received extensive interest since we announced that we are running a Black Friday electronics sale in South Africa. Our vendors have had a tough year and they are looking to free up capital by clearing stock through our platform.

"With many retailers seeking quality stock at low prices to offer the market, the below-cost prices are attracting interest. Even general consumers are getting involved, as there will be a variety of smaller ticket items on offer.

"It is not uncommon for local retailers to adopt international trends and we foresee this growing in the near future. We have received large shipments of excess stock, mostly good quality liquidated items and we are now ready to offer the lot to the trade and general consumers. In addition to single items, we will be offering bulk and mixed parcels for larger buyers who are looking for bulk bargains," he concludes.

For more information, go to www.going.co.za.