Mr Price's R55bn journey

JOURNEY: COHEN AND CHIAPPINI REFLECT AS RETAIL GIANT TURNS 40

- Suren Naidoo

Little did Stewart Cohen and Laurie Chiappini know back in September 1985 that their first Mr Price store in the West Rand hub of Klerksdorp would mark the start of a multi-billion-rand business listed on the Johannesburg Stock Exchange (JSE).

Today, the group has a market capitalisation of over R55 billion, annual revenue of over R40 billion, and around 3 060 group stores (including Mr Price brands, Miladys, Sheet Street, Studio88, Yuppiechef and Power Fashion).

Together, the group's stores cover more than 1.2 million square metres of gross traded area, making the group one of the biggest retail tenants in SA.

"The first store was franchised, as we had no capital at all, and the name was Mr Price's Factory Shop.

"Initially, it was a struggle, and the focus was to feed our families.

"But from 1993, it was our vision to change the apparel industry by making apparel merchandise affordable and accessible to all South Africans," Cohen said.

Chiappini and Cohen, both in their 80s now, are no longer directly involved in the group, but both still have stakes in the business and a natural keen interest in it.

In fact, Cohen only stepped down a few months ago from the Mr Price Group board, where he also served as honorary chair.

Both are lifelong friends and live in Cape Town. Despite being retired, they continue to invest in various business and social impact initiatives.

Klerksdorp to Durban

While the group has been headquartered in Durban for decades, its first store in Klerksdorp (now part of the North West province) piques interest.