Monday, October 26, 2020
Business

Pick n Pay commits R500m to keep prices of essentials low

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Pick n Pay will be investing R500m to reduce the prices of essential and staple food items, to relieve pressure on cash-constrained households.“This investment in our customers marks our 53rd birthday which makes it even more special as we celebrate a brand that continues to put customers at the heart of its business,” said Richard Brasher, CEO of Pick n Pay.

Various commodity lines will benefit from this commitment on a week-by-week basis. These products will be communicated to customers regularly and include a range of brands, including the PnP own brand range.“Our customers and their families are under huge pressure as the economy faces low growth and job insecurity. Currently planned at R500m for this year, this commitment will help deepen our already low prices on everyday essential items and keep basic food items even more affordable for customers,” said Pick n Pay CEO, Richard Brasher.

The retailer said the decisive step to reduce operating costs and increase productivity to invest more in customers has kept prices below consumer price inflation. Last year, it restricted its selling price inflation to 2.6% year-on-year, below-average annual consumer price inflation in 2019, which Stats SA reported at 4.1%.

“By becoming more efficient and effective, we can give better and better value to our customers. There has never been a better time because customers are telling us that they are deeply worried about the economic impact of Covid-19 and what this might mean for their household budgets. Our work will provide relief on essential items so we can continue to support our customers at a time when they really need it” said Brasher.

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