In the same way that Tolstoy’s happy families are all the same but unhappy families are all unhappy in their own way, there is a straightforward and proven route to corporate success, but sadly many ways to get things wrong.

The story of the decline of Pick n Pay is a cautionary tale of the latter outcome. What has happened and how did it happen? The Pick n Pay share price is down 60% over the past 12 months, but if you go back further the picture is even worse...

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