This week, Pick n Pay celebrated its 50th anniversary with the release of a stellar set of annual results. Notwithstanding the macroeconomic headwinds faced by its customers across the continent, the group was able to generate just under R80-billion of revenue and deliver 18% growth in headline earnings. In the midst of this outstanding financial performance for its shareholders, it was difficult to find similar progress on transformation. The South African retail industry has for decades been criticised for its slow pace in transformation, especially at ownership level. The reality is that retail giants do not believe they need to have black shareholders. Their reasoning is simple — nothing compels them to. They do very little, if any, government business and besides, every South African whether in Sandton or Soweto is forced to buy from them because they are everywhere you look and, more often than not, offer great value to customers. I posed this question to Richard Brasher, who ...
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