'You can't fool people': Pick n Pay CEO vows to win back love and patronage

The newly appointed CEO of Pick n Pay warned that while a turnaround of the embattled group could take years, he is confident that a laser-like focus on individual stores and relationships will help restore the passion and energy that is essential for successful retailers.

Sean Summers, who returned as CEO at the end of September after a 16-year hiatus, was on Wednesday tasked with unpacking the details of the more than 50-year-old group's first-ever loss. He conceded that many of the group's stores had become unattractive to shoppers, while it has also been missing the mark in terms of its relationship with suppliers.

Pick n Pay, now valued at about R13 billion on the JSE, has seen its share price more than halve in 2023, and it crashed more than 12% on Wednesday. It reported that group turnover rose just over 5%, versus selling price inflation of just over 8%, while its core Pick n Pay business barely saw any growth. Battered by load shedding, promotional activity of competitors, and issues with its supply chain, it swung into a R571 million loss from just over R453 million previously.