Homeware and fashion retailer The Foschini Group estimates that rampant load shedding reduced TFG Africa’s retail turnover by about R1.5 billion under the increased frequency and extended hours experienced during stages 5 and 6.
“Capital expenditure of R200 million has been spent on alternative power solutions to date, which under normal circumstances, would have been invested more constructively in further expanding our store base as well as other strategic capital projects,” said the group.reduced TFG Africa’s retail turnover in excess of R1.5 billion in FY2023.
TFG Africa recorded retail turnover growth of 15.6% in Q4 FY2023, compared to Q4 FY2022, which was negatively impacted by the high levels of load shedding experienced in Q4 FY2023;
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