March 25 2024
Pick ‘n Pay’s struggles are becoming apparent with the retailer’s store in Craighall Park closing down permanently a few days ago. The retailer had been an anchor tenant at The Lancaster Shopping Centre for decades. It leaves The Lancaster with very few tenants. It has Top Deck which is a retailer of hobby cards and board games.
Property Flash’s editor Alistair Anderson recently asked Pick ‘n Pay what had happened, via X.
Pick ‘n Pay – Lancaster Shopping Centre (Photo: Alistair Anderson)
“Hi Alistair, We are aware that Craighall Lancaster is currently closed. This has come about due to ongoing legal proceedings with the business owner. We understand the inconvenience this may has cause and sincerely apologize for any disruption to your shopping experience,” the retailer said.
Pick ‘n Pay which is SA’s second largest grocery chain behind Shoprite Holdings has had a rough time recently. Its share price has slumped 43.56% in the past six months. It closed 1.95% higher at R18.84
Pick ‘n Pay had announced a share sale and its plans to unbundle its Boxer stores as it struggles to cope with surging costs and competition from Shoprite, Woolworths and others. Pick ‘n Pay is being led by CEO Sean Summers who says he needs around two years to turn the business around. This is his second stint as CEO at the retailer. He first had an 11 year stint in the role.
247@propertyflash.co.za
