Pick n Pay’s existential angst: why the shoppers checked out
Once the darling of the South African retail space, the group is set to report its first half-year loss in the coming weeks. It’s the culmination of a decade-long slide that analysts, in part, attribute to a lack of clear leadership and vision in the company
03 August 2023 - 05:03
Once the largest South African retailer on the block, Pick n Pay has been sleepwalking through a crisis for more than a decade. Founded by retail legend Raymond Ackerman in 1967, Pick n Pay was once front-of-mind for consumers for decades; he was touted as the “housewife’s friend” and depicted as a champion for the consumer.
Today, it’s a different story. Pick n Pay is now the least valuable retailer on the JSE, floundering in terms of its strategy, shedding market share, and set to report its first half-year loss ever in the next few weeks...
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