Its peers are still indifferent to the billions that collectively stokvels nationwide are said to hoard, but Pick n Pay has broken the mold.
Seeing a lot of growth potential in the stokvel market, the food and clothing retailer has partnered with the National Stokvel Association of South Africa in order to tap into the lower income consumers who belong to group savings schemes.
The partnership would apply to all Pick and Pay Hypermarkets and select supermarkets. Stokvel members would get a 1% discount paid back in Smart shopper points, which can be converted into cash.
Papi Rapolai, Pick n Pay’s head of wholesale and stokvels, says the relation with savings investments groups, like stokvels was part of the group’s long-term plans for sustainable growth.
“Our strategy is to grow sales and to serve our customers better, and this plan falls squarely into that. Our emphasis is on helping stokvels and people who depend on them and this is part of consistently seeking innovative ways to expand our offer to all segments of the market,” explains Rapolai.
On behalf of his organisation, NSASA CEO, Andile Mazwai, hails the partnership with Pick n Pay as something “on a much bigger scale”.
Information credits: Sourced from Sunday Times Business Section and edited for Transform SA OnlineShare this article on Social Networks