Hardware stores continue to see declining sales as consumer demand weakens.
Building retailer Cashbuild’s revenue in the third quarter to end- March dropped 9% compared with the corresponding quarter of the 2022 financial year.
Hardware retail has been in decline since the beginning of 2022 after a spike in demand during the Covid-19 pandemic when people working from home invested in their houses.
Massmart’s Builders and Pep’s The Building Company have also reported a drop in revenue in the past year. Rising interest rates and constrained consumers are also lowering discretionary spend.
Transactions through the tills during the third quarter decreased by 12% with existing stores falling 13% and new stores contributing 1% growth.
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