Mr Price celebrates 40 years of growth, with ambitious plans for the future

“THIS year marks 40 years since the opening of the first Mr Price store, and as we celebrate this milestone, we reflect on a journey driven by a bold vision: to make fashion accessible to all South Africans,” said Mark Blair, the CEO of Mr Price, in the retailer's annual report released on Friday.

- PHILIPPA LARKIN

Since those early days, Mr Price has grown to 3,030 stores, generated over R40 billion in revenue, achieved a market capitalisation of R65 billion, and reached an operating profit nearing R6 billion. Blair emphasized that the core principles established at the company's inception—low-cost operations, bulk purchasing, minimal markups, and cash-based retailing—continue to underpin its business model. “These fundamentals have allowed us to consistently deliver high-quality fashion at affordable prices, fueling our growth and resilience over the decades,” he noted.

Looking ahead to the first quarter of the 2025 financial year, Blair highlighted the ongoing challenges within South Africa's constrained economy. However, after the national elections and the formation of the Government of National Unity (GNU), consumer confidence surged, creating a more favorable environment for retail during the latter half of 2024.