Pepkor to focus on discount clothing and reduce Africa expansion
Retailer lost R5bn in sales due to lockdowns in a challenging year
Pepkor, which fell into a R3bn loss, is still committed to expanding its clothing chains Ackermans and Pep as the group believes it can keep stealing market share from other retailers. This is as constrained consumers hunt for value.
The group opened 145 Pep stores and Ackermans in the 2020 year to end-September and CEO Leon Lourens told Business Day that the group plans to increase that number next year...