Mr Price launches container store to tap into township market
CAPE TOWN, November 5 (ANA) - Fashion retailer Mr Price has launched its first container store in a bid to tap into South Africa’s township market.
According to a Wednesday report by business news outlet Business Insider South Africa, the smaller-format stores are the company’s way of bringing fashion closer to the community.
The first of the container stores was launched in Illovo, KwaZulu-Natal.
The retailer says the Covid-19 pandemic has shown that consumers are more comfortable shopping closer to home and avoiding busy shopping centres.
According to the Business Insider report, Matthew Warriner, Mr Price’s head of investor relations and corporate communications, the store stocks a combination of ladies’, men’s and children’s merchandise and has the same fashion assortment found at its other stores of a similar size.
Meanwhile, a 2019 report by Engineering News said that township retailers should not be overlooked or underestimated.
According to Engineering News, Lemok Group founder and CEO Lebogang Mokubela in 2018 said the township market has buying power of R11 billion.
The report further revealed that the township retail and shopping centre market in South Africa is growing rapidly.
Engineering News reports that despite a challenging economy and disruptions, townships have become hubs for big development in retail and brands.
According to Warriner, the response and support from the local community has “blown them away”, writes Business Insider.
“We are really pleased with the results to date, albeit very early in the (testing phase),” he said.
The report further revealed that all employees have been recruited from the local community and Mr Price rents the space from a private individual who owns the land.
– African News Agency (ANA); Editing by Yaron Blecher