Delegates at the recent Biznews Conference in London were given a peek into a hidden side of South Africa's economy that seems to contradict the idea that the country 'suffers from pervasive poverty and inequality'. The idea that we are all but slipping into the abyss is often reinforced by pointing to pictures of sprawling towns with shacks and the 'official' unemployment numbers, something which informal economy expert GG Alcock says is misleading.
A recent Nielsen survey estimated that the spaza sector achieved an annual spend of R189 billion across 100,000 outlets. “The growth in the informal spaza sector has been around 24% per year compared to 15% in the formal sector.” These spaza shop owners, often foreigners, pay around R25 billion in rent to South Africans who own properties they operate from.
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Source: BusinessTechSA - 🏆 24. / 61 Read more »