Nafcoc reveals plans to acquire stake in Pick n Pay

The National African Federated Chamber of Commerce and Industry has embarked on a study to gauge the possibilities of acquiring a sizeable stake in grocery chain store Pick n Pay.

- By Mpho Sibanyoni

Nafcoc unveiled the plan after Pick n Pay earlier this year announced that it had closed 24 company-owned stores and eight franchise stores and converted five company-owned stores into franchise outlets as part of its turnaround strategy.

Nafcoc secretary general Richard Zulu said this during an interview with Sunday World on Friday: “We're looking seriously at saving Pick n Pay by trying to get involved in that chain store. We have put a team together [so that it can] advise us better. Pick n Pay has been closing some of its stores and we're seriously looking at that opportunity because part of our plan is to create community-owned stores, including community owned wholesalers. So, we see Pick n Pay as a big opportunity to achieve some of our objectives.

“Through that we can develop an ecosystem... without trying to replace products that are there in the market currently, but we see an opportunity to come up with our own home-brewed products. For instance, they want to produce their tomato sauce and cooking oil. In that way, at least we will use retail to re-industrialise at the low level.”