Shoprite just made a bold East Rand move - how it will impact Pick n Pay
Shoprite is certain to gain market share through its deal to open eight new supermarkets at East Rand sites previously occupied by Pick n Pay, but the latter's exit may not be an altogether bad outcome for the embattled retailer, analysts say.
Shoprite confirmed earlier this week that is opening eight new supermarkets at sites previously occupied by its rival Pick n Pay on the East Rand. In a further twist, leasing agreements were signed by AJP Group, associated with John A Baladakis, the indebted former Pick n Pay franchisee at the centre of a legal battle with Pick n Pay.
Until recently, the stores in question had been Pick n Pay franchise stores, but all that changed at the end of February after the retailer won a case it brought against Baladakis in the Johannesburg High Court. At the same time, Pick n Pay also launched liquidation proceedings against the Baladakis group to gain control of stores due to the continued accumulation of overdue debt, which it said had reached R224 million.
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