Actually, I bought Bulletstorm from Take2 last week at that price.
I see Kalahari has also reduced their price on it this week... last week it was still at over R350 and Exclus1ves is still priced at R320.
I'm not really referring to the very old games here since games that are over a year old will always be cheaper in store than online since you can get it as a Super Hits, EAClassics or EAValue brand which is usually priced at R40-R100. Although, even on Mass Effect 2, the list price difference between Steam and the UK edition is approx 40%. I'm actually referring to digital distribution here since ordering games online from a SA retailer means receiving physical media and not actually downloading the game after the purchase.
The anomaly here however, is that for the same company (Gamersgate), the US prices are the same as Steam, and more expensive than the UK price.