TIISETSO MOTSOENENG: Will Summers bring back Pick n Pay’s glory days?
Pieter Boone has laid the groundwork for Sean Summers to grow sales profitably
02 October 2023 - 16:01
Pick n Pay, a household name in SA’s grocery retail industry, is in trouble. Its profit margin is the lowest among its peers, its share price has plunged by more than 40% so far in 2023, and it is expected to suffer a hefty half-year loss.
The company’s operational and stock market woes are partly due to the highly competitive retail environment, which has been worsened by the pandemic, the economic downturn and unemployment at near-record levels. But they are also largely self-inflicted as the retailer failed to improve its efficiency and competitiveness...
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