Pick n Pay Stores chief executive officer Pieter Boone has had a stormy 10 months in charge of South Africa’s third-largest supermarket chain by sales – and he says the task is unlikely to get easier.
The fading of the latest omicron-driven Covid-19 wave and increasingly loose pandemic restrictions have encouraged consumers to spend and travel with greater ease, but the impact of rising fuel, manufacturing and logistics costs is looming, Boone said.
Boone has already had to navigate some tough, South Africa- specific challenges. Three months after he took the CEO job, violent civil unrest swept across two key provinces, with rioters torching depots and delivery trucks and looting supermarkets. More than 200 Pick n Pay stores were severely damaged and two distribution centers destroyed, with the retailer estimating lost sales at close to R1 billion rand .
There is a clear spike in spending on the days that social grants or monthly salaries are paid, Boone said. Pick n Pay itself is already several years into a turnaround strategy, started by Boone’s predecessor Richard Brasher. Part of this plan is a focus on its low-cost Boxer stores that may double as a way to attract cash-strapped shoppers.
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