MR PRICE GROUP: Everyday Low Price Value Offering Will Continue for Mr Price

The history of Mr Price Group in South Africa is astonishing. Going back four decades, there have been ups and downs, but the value focused retailer has always grown thanks to an unrivalled dedication to customer service. Of course, this means adapting at all times, moving with trends, staying up to date with habits, answering the questions of shoppers, but not change for the sake of it.

Established in 1985 in a very different South Africa, the first Mr Price store was opened in Klerksdorp. The next three years saw strong growth with the first group-owned Mr Price store opening doors in Durban in 1987. The goal of the time was to bring quality fashion items to customers at an affordable price. This strategy paid off, and in 1990 the company boasted 160 stores with retail sales of R185 million.  

Fast forward 35 years and Mr Price is universally recognised on the high street and across the digital retail landscape. The service provision goes beyond fashion and now spans beauty, tech, communication, financial services, and homeware. 

Remarkably, in 2024—approaching the company’s 40^th anniversary—Mr Price achieved a major milestone when it opened store number 3000 at the Mutual Mall in Cape Town. Now, the group is home to more than 32,000 people and is having an impact on the lives of South Africans every single day. 

Along the way, Mr Price has built strong foundations on which to position its platform as one of the country’s most important retailers. Firstly, the company will never detract from its low pricing – this, it says, allows for inclusion which is vital in SA. Secondly, the company has not, and will not, abandon cash transactions. In 2012, the Mr Price website was launched, and the app followed, but cash in store remains essential for the company. Third, Mr Price is committed to sustainability and undertakes environmental, social and governance (ESG) because they make sense from a business perspective and not because they tick a box for investors. Lastly, this is a business built by people, for people, and with people. Every stakeholder is part of the decision-making thought process, and this strategy has been backed by CEO Mark Blair who said in 2024: “Particular thanks must go to all our associates, both head office and frontline, for their ongoing commitment to ensuring that the group continues to build on its iconic legacy in South Africa. We have strong positive momentum, and our team is energised by the plans we have in place.” 

TOP EMPLOYER  

Recently, Mr Price was recognised for its human resources strategy and people focus when it was once again named as one of the Top Employers in South Africa by the Top Employers Institute. Based in the Netherlands, the Top Employers Institute recognises organisations from all over the world for excellence in HR, producing a certified list of those that go above and beyond for their people. This is a great marketing tool for accredited companies and allows them to attract the top talent. 

David Plink, CEO of Top Employers Institute, says: “In a world where geopolitical, societal, and macro-economic developments follow each other in rapid succession, the Top Employers are showing once again that they are a beacon of stability and reliability. Top Employers have shown that despite turbulent times, their focus remains on creating the best workplace possible for their people to thrive.” 

Mr Price Group said of the recognition: “We are proudly maintaining our status as a Certified Top Employer in 2025. Thanks to our team for keeping us on top of the game.” 

The company’s official mantra is to “think of ourselves as a bunch of fashion obsessed individuals who know how to save a buck or two”, and this is a culture that trickles top down. Across all brands—including Mr Price Home, Mr Price Sport, Mr Price Money, Studio88, Sheet Street, Miladys, YuppieChef and Power Fashion—the focus is efficiency. By leveraging the supply chain, the group is able to bring products to consumers at a better price than others. Then, the vast network of stores is utilised as a distribution network with almost universal coverage of South Africa, and a strong presence in sub-Saharan Africa, to bring convenience for shoppers who have trusted the brand for decades. 

FOCUSED ON EXECUTION 

Looking forward, the future is about strong performance from the team of people and brands. Blair has been clear that Mr Price believes resolutely in the fundamentals of its home in South Africa, signing a joint statement in 2024 with other business leaders stating that the country’s potential is major. To achieve its own goals as well as those of South Africa, customer service must be first and foremost, and for Mr Price this means delivering best-in-class products and services at the best prices. 

“Over the last year, we have had a great deal to contend with,” Blair said announcing the 2024 annual results which included R37.9bn revenue, R8.2bn EBITDA, and operating profit of R5.3bn. “Despite the challenges our team has remained focused on execution, while remaining agile in responding to the volatility of the trading environment, which has reflected in the performance of the second half. By focusing on delivering value to our customers, the group has strengthened its market position, as evidenced by gaining market share for seven consecutive months at better margins.” 

A trading update followed for the results ending 28 December 2024, in which the company was positive about the year ahead, reporting double-digit retail sales growth and further market share gains. 

In November 2024, retail sales grew in South Africa as a whole by 7.7% representing a ninth consecutive month of growth. International pressures and supply chain challenges are obvious hurdles for any retailer that has the scale of Mr Price, but the company keeps a lean management structure that remains agile. This, combined with improving sentiment since the structuring of the Government of National Unity, makes for a real opportunity in 2025. 

“Despite these external factors, management remains optimistic about the year ahead. The group’s strong merchandise execution, which offers its customers differentiated fashion-value, and its everyday low price (EDLP) pricing model makes it well positioned to continue its profitable market share gains,” the company said in its report at the end of January 2025. 

There are very few examples of a market not presenting an accurate representation of consumer demand, and this is no different. Mr Price understands the consumer. It knows how, where, and when shoppers want to transact, and it has built knowledge around what the consumer can afford. This relationship is why the future of the company looks just as strong as its past.