An electronic goods chain store, Musica, will be closing its doors after nearly three decades of doing business in South Africa.
The bricks and mortar entertainment brand, which despite transitioning from selling physical media like CDs and DVDs to more general electronics and entertainment, will be closing its last store in May of this year.
Clicks overall retail and beauty sales rose by 8% and their group online sales jumped a whopping 173%- albeit from a small base. This shift in consumer behaviour is a threat to not only jobs but also retail space in malls.
Musica and GameStop, two companies- similar but different. Regardless of current market value, time will eventually relegate both to past.
Unlike GameStop, Musica is only listed on the Johannesburg Stock Exchange through its parent company, health & beauty group, Clicks. The executives of which have promised to retain the jobs following the closure.
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