Retail royalty Christo Wiese reveals Pick n Pay’s biggest mistake

• Pick n Pay's biggest mistake, according to Christo Wiese, is its historic dividend policy that prioritized returning cash to shareholders over investing in the business.
• The policy, which was in place for decades, led to Pick n Pay gradually losing its edge over other retailers in the middle market segment, including Shoprite, which averaged 11.5% annual turnover growth between 2021 and 2024.
• Pick n Pay's turnaround efforts, led by CEO Sean Summers, are showing signs of progress, with its primary South African supermarket business experiencing strong like-for-like growth, but the retailer has delayed its breakeven date to 2029.