Pick n Pay The Last Hurrah
Last year, market share, this year, margin. Outgoing PnP Chair Mr Ackerman, who formally retired yesterday, took the opportunity in his final media conference for a sly dig at Shoprite, who recently announced that their trading margin for the six months to December was 5%. "I would not, in today's climate, want to make a trading margin of 5%. I would knock it down," he said. Pick n Pay, which has long built its house on a foundation of avowed consumer championship, showed a trading margin of 2.4% in their last set of results. In his speech, he also advised his successor, a Mr Gareth Ackerman, that business principles never change. He confessed to regrets about the failed Australian adventure but expressed hope for Pick n Pay’s slow-burning Africa campaign.
Comment: A giant, the one true pioneer of the industry in SA, takes his deserved rest, while showing that the old mind is as sharp as ever was.