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Mr. Price Group SWOT and PESTLE Analysis

ID : 521761853| Sep 2023| 21 pages

COMPANY PROFILE -Mr. Price Group

Business Sector :Fashion Retail, Financial Services & Telecom

Operating Geography :South Africa, Africa

About Mr. Price Group :

Mr Price Group is a renowned South African retail company founded in 1985, with a strong presence in the fashion and homeware market. Headquartered in Durban, it has grown into a leading retail giant with a significant international footprint. The company operates various retail brands, including Mr Price, Mr Price Sport, Mr Price Home, and Miladys, catering to diverse consumer preferences. It is known for its commitment to affordability and quality, offering a wide range of clothing, accessories, and home products at competitive prices. Their customer-centric approach focuses on making trendy and affordable fashion accessible to a broad audience. The company also emphasizes sustainability and ethical practices in its operations, aligning with contemporary consumer demands for responsible retailing. It has expanded its presence in Africa with 2702 stores. As of early 2023, it employs 28000 individuals.

Mr Price Group thrives on its unique selling proposition (USP) of delivering affordable, quality fashion and homeware, underpinned by ethical and sustainable practices. Their mission is to achieve global retail leadership, renowned for accessibility, affordability, and responsible retailing. This commitment forms the bedrock of their success in the industry. This commitment to customer satisfaction and adaptability has solidified its position as a leading retail player in the market.

Mr. Price Group Revenue :


R 32,668 million - FY ending 2nd April 2023 (y-o-y growth 17.2%)
R 27,865 million - FY ending 2nd April 2022

Competitive Analysis of Mr. Price Group

SWOT
PESTLE
The SWOT analysis for Mr. Price Group is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Top fashion retailer in South Africa, with an early mover advantage in e-commerce segment.
2. Strong HEPS growth with 10-year CAGR of 9.8% compared to 3.4% of competitors.
3. Robust ROIC with 5-year CAGR of 26% compared to 7.6% of competitors.
4. Unrivaled fashion-value offerings catering to multiple customer segments, with significant contribution from apparel & homeware divisions.
5. Strong track record of acquisitions for diversified revenue streams.
6. High customer engagement with significant market share.
1. High dependence on South African market.
2. Limited online presence with only 3% sales generating through e-commerce.
OpportunitiesThreats
1. Diversify the customer base by entering new segments through acquisitions.
2. Significant growth potential driven by its historical growth & trend of online shopping.
1. Uncertainties like COVID-19 led to global supply chain disruptions, impacting revenue & business growth.
2. Short-lived fashion trends threaten product relevance in the fast-paced industry.
3. Intense competition from other retailers viz., TFG & others.
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Detailed SWOT Analysis of Mr. Price Group

Strength

1. Top fashion retailer in South Africa, with an early mover advantage in e-commerce segment:Mr Price Group is a leading fashion retailer in South Africa. The company has established itself as a prominent player in the retail industry, offering a wide range of fashionable products to its customers. It has a strong presence in South Africa and operates various retail brands, including Mr Price, Mr Price Sport, Mr Price Home, Miladys & others. These brands cater to different customer segments and offer a diverse selection of clothing, sportswear, home goods, and accessories. One of its key strengths is its ability to adapt to changing market trends and consumer preferences. The company recognized the growing importance of e-commerce early on and invested in developing a robust online platform. By embracing technology and digital innovation, it has been able to reach a broader customer base and meet the evolving needs of modern shoppers. Furthermore, its strong brand reputation and extensive retail network provide a competitive edge in the market. With 2,702 physical stores across Africa, the company offers a convenient shopping experience for customers who prefer to visit brick-and-mortar locations.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

1. Uncertainties like COVID-19 & civil unrest impacted revenue & business growth: The country is facing economic and social challenges, including high unemployment rates, inadequate infrastructure development, insufficient service delivery, and a growing wealth gap. To support the country's short-term recovery, the government implemented various relief measures during the peak of the COVID-19 pandemic. In 2020, the South African economy experienced a decline of 6.4% in GDP growth, creating a low base for recovery. Although there was steady progress, complex social factors led to civil unrest in July 2021. This unrest, characterized by widespread looting and vandalism in provinces like KwaZulu-Natal and Gauteng, caused significant damage to property, disrupted business continuity, and affected livelihoods. Recent commodity price surges and supply chain constraints have put pressure on inflation, which is expected to generate second-round effects. The South African Rand has also been affected by increasing pressure from global market forces, further adding to the challenges faced by the Group in navigating the uncertain economic landscape.

The remaining section under "Threat" is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Woolworths Holdings Ltd
  • Takealot Group
  • Foschini Group
  • Truworths International
  • Pepkor Holdings
  • Cotton On
  • Zando
  • Edcon

Major Brands :

  • Mr Price
  • Mr Price Home
  • Mr Price Sport
  • Mr Price Money
  • Miladys
  • Sheet Street
  • Power Fashion
  • Yuppiechef
  • Studio 88
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References used in Mr. Price Group SWOT & PESTLE Analysis Report

1. Mr Price Group Official Website: https://www.mrpricegroup.com/about-us/
2. Mr Price Group Annual Results 2022: https://www.mrpricegroup.com/wp-content/uploads/2022/06/Mr-Price-Group-Annual-Results-2022.pdf
3. News24: Twenty Mr Price Stores Still Closed After Looting: https://www.news24.com/fin24/companies/twenty-mr-price-stores-still-closed-after-111-were-looted-distribution-mostly-unaffected-20210721
4. HellermannTyton - RFID Tracking and Identification: https://www.hellermanntyton.com/in/competences/rfid-tracking-and-identification
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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