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What kind of business does Mr Price have?
The apparel division contributes 72% of group sales and 83% of profits. Mr. Price is characterised by high-volume, low-cost sales and is predominantly a cash-based retailer with around 18.8% of sales on credit. This is a relatively low credit offering in comparison to its clothing peers.
When did the first Mr Price store open?
The first Mr. Price store opened in 1987. As of the first half of 2012, the company owns 944 stores, of which 67 are situated beyond South Africa’s borders, throughout Africa. The clothing company targets consumers that lie in the 4-10 living standards measure (LSM) categories, between the ages 16 and 24.
What does value mean in Mr Price group?
Value is the heart of our business and we strive to add value in everything we do. It is more than just product, it is the way we serve the business, each other and our customers. Value is about doing more than what is expected or required.
What is the growth strategy for Mr Price?
DEVELOPMENT STRATEGY: Mr. Price’s growth strategy is driven by existing businesses rather than through acquisitions. Market share gains are expected to be driven by store growth and, in the future, online capability. Mr. Price is currently targeting expansion of 50 stores per year, and an increase in local trading space of 5% per annum.
Last Update: Oct 2021
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