Pick n Pay & Virgin Active shutting down stores should be a wake-up call for mall owners, says expert.
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GUEST - John Jack, CEO of Galetti Corporate Real Estate
Pick n Pay’s strategic downscaling marks a turning point for the South African retail sector. Under the leadership of returning CEO Sean Summers, one of the country’s largest retailers is undergoing a significant ‘back to basics’ reset, which includes the closure or conversion of more than 100 underperforming stores and the closure of more than 30 stores to date. “They’re not just downsizing for the sake of it,” says John Jack, CEO of Galetti Corporate Real Estate. “This is about cutting back to the core and building a leaner, more profitable machine that can actually respond to where the market is now and not where it was five years ago.
Pick n Pay’s strategic downscaling marks a turning point for the South African retail sector. Under the leadership of returning CEO Sean Summers, one of the country’s largest retailers is undergoing a significant ‘back to basics’ reset, which includes the closure or conversion of more than 100 underperforming stores and the closure of more than 30 stores to date. “They’re not just downsizing for the sake of it,” says John Jack, CEO of Galetti Corporate Real Estate. “This is about cutting back to the core and building a leaner, more profitable machine that can actually respond to where the market is now and not where it was five years ago.
