UNDICTATED: Summers’s challenge exposed by Pick n Pay’s ’truly awful” results, shares drop 14%
ฝัง
- เผยแพร่เมื่อ 19 มิ.ย. 2024
- Today Pick n Pay released the last set of pre-Sean Summers financial results, numbers so bad that an already depressed share price promptly dropped another 14%. The group’s 70-year-old CEO, reinstalled two weeks back some 15 years after he retired, suggested the best thing about the numbers is that founder, the late Raymond Ackerman, wasn’t around to see them. But he has a plan, and although it will take time (Summers says 18-24 months before anything profound is evident), far-sighted investors will be encouraged. In this episode of UNDICTATED, SA’s master retailer shares what brought the group so low - and his plan to turn things around. He spoke to BizNews editor Alec Hogg.
Video production by Asime Nyide
Your early morning brew of the BizNews Insider keeps you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here - bit.ly/3lfVRYP.
---
Timestamps
00:09 - Introductions
01:10 - Sean Summers on if he has changed his business practices since coming back into retail
02:13 - What brought him back to Pick ‘n Pay
08:08 - On what has he changed and learned to bring back to the business
11:41 - How he will address the wave of retrenchment
14:18 - How many outlets has he got
16:25 - How long will it take him and the team to turn Pick ‘n Pay around
18:37 - Feedback from the investment community
20:16 - Expectation of competitors doing anything different
25:34 - Conclusions
Join this channel to get access to perks:
/ @biznewstv
#southafrica #business #economy #picknpay
![เก่งแต่ลับหลัง (FINSTA) - ส้ม มารี (Zom Marie) Ft. Punch 4EVE [Official Teaser]](http://i.ytimg.com/vi/Fvt0Wz1hfGY/mqdefault.jpg)
The stores need decent managers to manage staff that lounge around
Once i timed how long i had to wait at the bakery counter to be served and it was like 6 minutes.
P&Pay totally ignorant of clients. No fast exit, more expensive than competitors. Nightmare to pay for goods.
You should be worried about P&Pay. I don't like the shops. Spar generally far far better.
The staff and managers have let you down badly!!! My saying was always “spoil your day and shop at pick n pay”
Staff don’t like customers!!!!
I like this man's energy. I think that only when you have lived outside of South Africa can you appreciate the people in South Africa.
South Africans understand the South African market. Hope Mr. Summers turns PnP around. They need a good shake up
He needs to look at how much they are paying the logistics/trucking companies it’s way too much. Get these trucks off the road 😤😤
P&P used to fight for consumers. They don't anymore
Customers service and decent prices Sean. Pick & Pay is just not our first choice anymore. Good Luck.
Some staff have a poor attitude and also they halved their points and made it very difficult to claim points. Clicks make it a breeze so why cant they do the same.
They are expensive and often empty shelves
The first thing you have to address is your staff. Most of them are rude and unhelpful. I have supported P & P for a long time, until I got sick and tired of their staff. Jabbering at the till while people stand in long cues. It will take a long time before me and my friends will support P&P again.
Unpleasant staff and uninspired stores.
PnP has forgotten that customers are their biggest asset. Worst ever is the queues to the tills.
People are not dedicated to serving customers. Interference by gov ito who must be recruited also contributed alot
Thank you Mr Summers.
After 57 years I moved to Checkers there prizes are great✊
Good luck Mr Summers. Small irritating things like the price on the shelves for the goods on the shelves are not there. A big problem at the PnP in the Garden Centre. Also the tills are not calibrated to the specials promoted. Have to seriously check your bill to prevent a return journey. The clothes are fabulous !!!!!
PnP staff need a complete attitude change. You guys need the customer. Many of the staff at PnP branches seem to regard customers as an irritant, rather than the guys who ensure they get salaries.
May I suggest that the downturn is directly related to disposable income?
Most insightful interview I’ve ever listened to, this is one of those sit at his feet guys👍🏻
Our local Pick n Pay in Pinelands has been left to be run into the ground, and staff are totally demoralised. After years and years they have only just started to fix it up a bit. All to late, we are all shopping at Checkers now.
I think he should introduce "secret customers" that go and do random purchases at random stores and see how bad the staff behave and the bad service. Also the incorrect prices that take 30mins to sort out .
Pnp was so ahead in the 90s. They led the way in treating staff well. Then came the strike. I don't think they ever fully recovered. The pre strike happy staff became people who needed coaxing if you wanted help. I hope Pnp finds it's feet again. Loyalty will have its limits!
I totally agree. The sullen, slow, 'sigh' entitled attutude of most P&Ps staff is appalling. That's the basic problem. I now, alas, shop there only if there's no alternative. Checkers is not that much better but Spar and Woolies get their customer relations mostly right. Pity abt the prices.
Pick n Pay simply do not listen to, or care about their customers.
It is no surprise that they went from the number 1 FMCG company in SA, to absolute rubbish.
Their stores are so poorly managed, generally by people who do not give a shit about their customers.
The culture of the group seemed to change over the years, from innovation to indifference.
They got what they deserved.
PnP's service is absolutely atrocious. We don't shop there anymore. The staff are so unfriend, the shops are not inviting and they are not cheap at all.
Shoprite is moving towards being a monopoly in this country
First Checker
Then Cambridge
Now Jwayelani
They have set their eyes to Boxer too😮😮
Oh no ! More motorcycle deliveries on our roads. That’s hectic. It’s become a major issue with accidents. Big problem.
The good Spars are the best, imo. Forget Checkers p&pay.
I have no sympathy/empathy with them. They used a sneaky and covert tactic to remove a huge contingent liability off their balance sheet without communicating properly to their clients who had accumulated their reward points. It amounted to theft in my mind. One can no longer take them seriously and trust the. Their pricing and customer service need some serious intervention.
True!
What a guy!
The teller WOMEN need to spend less time nattering to each other, they have no good customer skill, no eye contact, bad body language, when you greet, 98% ignore you. When you say you would like bags please, they are so busy nattering they don't listen, they have the attitude that they are doing you a huge favour by ringing up your goods. Never forget they serve the public, the public pay their salaries, without customers Pic n Pay does not exist, customer service is key! Pic n Pay Managers step up & train your staff!
Latest time I was there there was literally no one at the till, it was unbelievable, please manage your stuff better
Too Expensive. No Customer Relations.
I love your work Alec!!
Pick n Pay need an overhaul. Their staff are the problem. Unpleasant and rude. Their prices are also out of line. They need to master their online delivery. Checkers have mastered 60/60. Stop allowing useless Govt to interfere in running your business!
And, as you say, it's the people.... The floor staff undermine the management philosophy to a large extent. But, big but, labour laws curtail management's room to manouevre
I have three pnp in a 5km radius of my house. So I mostly have been shopping at these stores. The management are atrocious. Is this due to your franchise model and the owners that couldn’t give a rats backside? Honestly I’m of the opinion that Checkers has left you in the dust. All the best though. Just bear in mind. The owner/ managers are useless arrogant people !!!
Pick n Pay Faerie Glen Pretoria Hypermarket needs an urgent upgrade and management! Very poor fruit and vegetables department! Butcher side smells disgusting!
Old stock on the shelves! Just looks like an African World kind of super market 😲
Our local pnp is up against fierce competition. The staff is smaller and battling to keep up. I expect they are also scared about their jobs. But I prefer Pnp to its competition . It has pleasant parking without beggars and its not so big that I have to walk myself dead to find stuff. Please get back in shape for us liyal customers!
Good to see Sean again. As a FMCG supplier I remember my team members that us to call in Sean when he was was GM at Hyper in Norwood. When Peter Dove was GM at Boksburg Hyper. Tough but great guys to negotiate with and Mr Ackerman a legendary leader in RSA. Goog luck Sean, you will turn things around. Miss the days in 70's/80's. TU Alec great upright honest programme...
Pick n Pay is now Pick n Put it Back.
Staff at the branches are not helpful at all….
Sort your sup contracts out you pay them they don't pay the transport side
We still love pick a paY
Looking forward to frequenting PnP once again. I always enjoy the fresh light airyness of the stores My pain point was units of measure, at some point I could not get larger quantities of the staples I buy monthly and even bi-monthly; hence my migration elsewhere.
Too many people on the phones walking around doing nothing!! I see them everytime at Zambezi shop.
Wow, special words, I relate.
True true here we want to make things work ZA best
Good video
PnP need to get back to the art of being family grocers
Yes true you can deal what is today
Wow I would have loved to have worked under the guidance of Sean Summers… to bad i landed up as Print Sales director in Australia having managed staff he is so correct about the South Africans work ethic
Ex Joburg
Well, some positive news, they the only group of food chain stores with 'Fish Paste' back on the market, BOTH brands! R39-99 cheapest brand, 4 per customer....😊😊😊 Enjoy!
Me thinks its too late for them to catch up. Unless they really spend time and focus on rural sales
Poor customer service
Well, SA is ready for some changes it seems. Why not in retail as well. Best of luck to Mr. Summers . I'm sure you read the comments. Customer unhappiness seem to have to do a lot about staff. That should be a high priority. But for me? I think product and the easiest and fastest way to get out of a big store sounds really good. There was a time when P&P introduced let's call it "boutique" stores. Smaller,more specific and upmarket. It never really got of the ground. I do think it is a great idea though. Good luck!
I only shop at pnp. Always the friendliest staff. Bright clean stores at a decent price.
It’s baffling that they have done so badly financially.
Many of the staff just don't care, they are more interested in the social media on their cell phones, shocking...
Pick n Pay just became greedy and over priced. Consumers have the power to sink anyone if they feel being ripped off.
Yes open up Boxer in the platteland
Cut the dividend, close down the stores in Zimbabwe and Nigeria and buy back shares just to name a few...
We want our Pic n Pay back!!!!!
Truth set your free
14 months turn around surely
Get the trucks off the road, you are making the logistics companies billionaires. Find a way to get your products to store cheaper.
🧐😂😂😂😂when don't eat 6times a day
Their staff don't give a toss about customers, you fill in their questionnaire about service and nothing changes. I can walk to my local P&P but use them as a last resort. After years of supporting them, I take great comfort in their demise. I don't for one second agree with your 99/100 statement, you're out of touch with what is happening at your stores. When you have job protection, there is no motivation to deliver a service, just look at all the comments below.
Moment is your friend 🧐
Just to much bad experiences with P&P, will never shop at them again.
You have seriously unpleasant staff. I avoid shopping at any PnP store. Best of luck sir.
400 what's up😂😂😂😂
This interview was not inspiring innovation in the business- Sean Summers tried hard to sell the “snake oil” b**s** - Pick n Pay lost the edge when they became arrogant about their pricing - You not Woolworths- Raymond Ackerman understood the struggle of the SA middle class consumer -and back then made our lives better -
Even Checkers looks better and Woolies😲
Grant is not ideal
Checkers have overtaken PnP markets