It’s hard to overstate just how good Shoprite’s profit margins are. Not only is 6.1% more than double that of Pick n Pay or Spar, it comfortably bests world leaders like US retailers Walmart (3.3%) and Kroger (1.95%) and even private German powerhouse Aldi (3.9%). Results for the year ended June show a 21% jump in trading profit, to R10.3bn, as shoppers spent more on their baskets, even as they visited stores less frequently. The FM spoke to CEO Pieter Engelbrecht.

Can you sustain these margins?..

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