Mr Price Mall Of The North
MR Price Group is a fashion value retailer, selling predominantly for cash. The group retails apparel, homeware and sportsware and is one of the fastest growing retailers in South Africa. FASHION: our business model is synonymous with offering fashionable merchandise at excellent value. VALUE: the value model is at the very core of the group’s existence. Being a value retailer means lower markups and selling higher volumes in order to offer ‘everyday low prices’. CASH: cash sales constitute 81.4% of total sales and the group is focused on remaining a cash-driven retailer. This will continue to differentiate the group from its competitors and produce cash flows that will fund our continued growth and enable an attractive dividend cover.The very first Mr Price Apparel stores were franchised because of their lack of funds. However when John Orrs Ltd, which also owned Miladys, was acquired in 1986 by Stewart and Laurie in partnership with a bank, the listed company began opening Mr Price stores and acquiring the franchised stores. Alastair McArthur joined the group as MD of Mr Price and the name of the company was changed over time to the Mr Price Group. Mr Price stores were opened rapidly throughout South Africa and by 1995 there were 237 stores. In 1996 Sheet Street was acquired and Mr Price Home stores and Mr Price Sport stores were established in 1998 and 2007 respectively. Today there are approximately 1000 corporate owned stores in Southern Africa and 24 franchised stores abroad.Mr Price is unique. Although the first store opened in 1985 and we only began growing in the 1990s, the success story is much older. It is a story about a struggle against conventional thinking; about a dream to make a difference and a strong will to win against huge odds.
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