In an address to analysts at the end of May, Mr Price CEO, Mark Blair made the bold statement that the retail giant would be the “most valuable” retail business on the JSE in coming years, writes Chris Gilmour for Business Day.
By the end of March 2021, Mr Price had come off an extremely good year for business. The retailer had increased its market share “by R1.2 billion, which equates to 1.5% of market share gain.”
While overall sales were down in 2020, the entire clothing, footwear, textiles & leather (CFTL) industry suffered from an 8.9% decline according to Stats SA and as much as “10.3%, according to AC Nielsen’s Retailer Liaison Committee (RLC) figures.”
While online sales make just a small portion of Mr Price’s overall sales, at just under 3%, they were up by over 60% in 2020, which equates to the same sales as three flagship Mr P branches. The retail group also believes that they might well have the “highest market share of web traffic” for retailers in the country.
*This story is part of the Business Day subscription offering, to read more please subscribe.
