Pick n Pay revamp plan could turn the retailer around, analysts say

Pick n Pay's new CEO, Sean Summers, unveils a turnaround plan to restore the struggling South African retailer's market share. The strategy includes closing or converting over 100 loss-making stores, aiming for break-even by 2027, and saving around 850 million rand ($46.52 million). Analysts find the plan plausible despite risks. Additionally, the Ackerman family will reduce its voting rights, fostering more independent governance and increasing investor confidence.

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By Nqobile Dludla

Break-even targets and a new strategy for South Africa's core Pick n Pay supermarkets seem "plausible", analysts said on Tuesday, a day after the new CEO of the struggling retailer outlined his plan.

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