Smart Money - Sean Summers unpacks Pick n Pay's massive turnaround effort and how it's going

In this Smart Money with Alishia Seckam interview, Pick n Pay CEO Sean Summers discusses the retailer’s massive turnaround effort. Summers has a long history with the retail giant, having worked for the company from 1974 to 2007, and then re-joining in 2023. His first job was at Shell BP Service Company in 1973, after which Summers joined Pick n Pay as a training manager at the age of 20. He became the Managing Director of Pick n Pay in 1996 and took over the reins as CEO in 1999, succeeding founder Raymond Ackerman. Ackerman described Summers as “an excellent leader, who achieved remarkable things at Pick n Pay.” He served as CEO of Pick n Pay until 2006, during which time the retailer was the clear grocery market leader in South Africa. It even outperformed Shoprite, Africa’s largest retailer, which was under the leadership of retail legend Whitey Basson at the time. Pick n Pay achieved an average annual revenue growth rate of 16% per annum, significantly higher than Shoprite’s average annual revenue growth rate of 11% over the same period. Its share price increased by 476% between 1999 and his 2007 resignation, translating to an annual compounded rate of return of 24%. Summers also bought Boxer in 2002, which proved to be one of the best business decisions in South Africa’s retail space, and has been credited for saving Pick n Pay. In this interview, Summers highlights the biggest changes in the retail space between his departure from Pick n Pay in 2007 and his return to the company in 2023. He talks about the progress Pick n Pay has made since he took the reins a second time, explaining how he feels about its turnaround progress so far. Summers then explains how he stumbled upon Boxer and what attracted him to the company at the time. He also unpacks his vision for the future of retail in South Africa and how Pick n Pay’s turnaround strategy fits into this future. Finally, Summers discusses Pick n Pay’s recent decision to sponsor the Springboks.