Mention the company
The reality is somewhat different. Most of the goods brought to the company's shops are sold by people from more affluent areas who want to replace their kit with the latest TVs or hi-fis, or want a new lounge suite.
One might assume that the shops operate in lower-income areas, but they are common in the wealthier suburbs, close to homes oozing products that are due to be replaced.
Moreover, two-thirds of
The firm has been in
The company buys unwanted items, fixes them and sells them. It pays a third or possibly a quarter of the retail price and resells the goods at about half the price of new products.
Chief executive Richard Mukheibir brought the franchise to
The credit options available to clients are cash advances and payday advances. The former, a secured microloan, averages R500 for a 30-day loan and consumers are able to borrow a maximum of R8,000. Payday advances - unsecured microloans - average R1,200 for a 30-day loan and have a maximum of R4,000.
Mukheibir said the business was for people who need cash quickly as well as those who want to upgrade their gadgets.
Of the 850 stores in 25 countries around the world, the largest is in Hillfox,
There are 68
Mukheibir said the business did better in tough times, so indications are that
Retail turnover is up 26% over the past year, higher than that shown in the listed universe. Some of the stranger goods
"We don't want to say no. We want to create in the mind of consumers a place where they can bring anything," said Mukheibir.
There is little doubt that stolen goods do creep into the system. "We will never get it right all the time," said Mukhribir. But he added that less than 0.5% of goods taken in annually had been stolen.
To keep sellers on the straight and narrow, the business does not deal with anyone under the age of 18. It also requires the contact numbers and addresses of the sellers, photographs everything and marks goods with the date of the transaction and the time.
And, to avoid the danger of having too much cash on the premises, money is loaded to a debit card.
Source: Business Times via
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