Pick n Pay chairperson Gareth Ackerman warns of unrest, food shortages
Pick n Pay, hard hit by load-shedding, says consumers will begin to suffer from economic decline
The outlook for the retail sector seems bleak as load-shedding continues to increase costs and Pick n Pay this week strongly criticised the government’s lack of action in addressing economic challenges, warning of possible food shortages.
On Thursday, Pick n Pay, which also owns food retail brand Boxer, bemoaned inflationary cost pressures, exacerbated by a worsening of load-shedding. It said it had spent R522m on diesel to run generators in the 52 weeks to February 26 and was targeting savings in diesel costs of about R200m by buying renewable electricity from landlords and installing in-store battery energy storage. ..
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