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South Africa retailer Pick n Pay to cut US$187 million in costs in 3 years www.theexchange.africa

South Africa retailer Pick n Pay to cut US$187 million in costs in 3 years

Investing

According to him, the goal of the store is to increase the number of online clients it serves by continuing to invest in the growth of its e-commerce business. If successful, this will result in an increase in sales that is eight times greater by the end of the retailer’s fiscal year in 2026.

Pick n Pay will be able to attain a compound annual rate of 10 per cent growth in group turnover as a result of other measures, which will ultimately result in market share growth of at least 3 per cent by the year 2026.

In addition to this, it has committed to doubling the number of Boxer products sold by 2026 and increasing its profit margin before taxes from the current level of two per cent to more than three per cent.

According to Boone, the formal food and grocery market in South Africa is expected to increase by 227 billion rands (US$14 billion) to 855 billion rands by the year 2026. The majority of the growth is expected to come from markets catering to those with lower levels of income.