{"id":816731,"date":"2025-03-13T15:26:49","date_gmt":"2025-03-13T13:26:49","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=816731"},"modified":"2025-06-16T18:47:30","modified_gmt":"2025-06-16T16:47:30","slug":"shoprite-checkers-taking-over-many-pick-n-pay-stores-across-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/816731\/shoprite-checkers-taking-over-many-pick-n-pay-stores-across-south-africa\/","title":{"rendered":"Shoprite Checkers taking over many Pick n Pay stores across South Africa"},"content":{"rendered":"\n

Checkers is taking over yet another retail store previously home to a Pick n Pay, with the Shoprite-owned company continuing to benefit from its competitor’s troubles.<\/p>\n\n\n\n

Retail giant Hyprop said it secured Checkers as the new anchor tenant in Hyde Park Corner in 2025. The store will launch in July 2025.<\/p>\n\n\n\n

Hyde Park Corner, situated between Sandton and Rosebank in Johannesburg, has approximately 40,000 square meters of retail space. <\/p>\n\n\n\n

The affluent clientele in surrounding neighbourhoods primarily frequents the mall, which is seen as the place for rich people to shop.<\/p>\n\n\n\n

However, in September 2024, Pick n Pay closed its store in the centre due to a series of problems. The change at Hyde Park Corner is one of many instances of Checkers taking over Pick n Pay’s stores.<\/p>\n\n\n\n

In 2024, Pick n Pay announced that it was closing poorly performing stores as part of its ‘back to basics’ turnaround strategy.<\/p>\n\n\n\n

Pick n Pay CEO Sean Summers said over 100 stores would close or be converted to Boxer stores as part of the retailer’s turnaround strategy.<\/p>\n\n\n\n

In a trading update for the 45 weeks ending 5 January 2025, Pick n Pay said it had closed 32 supermarkets, including 24 company-owned and eight franchise stores.<\/p>\n\n\n\n

This came after a seriously challenging period for the group, where it posted a R3 billion loss in the 2023\/24 financial year.<\/p>\n\n\n\n

The group became technically insolvent in 2024, which it managed to turn around after it concluded a R4 billion rights offer and an IPO of Boxer worth R8 billion.<\/p>\n\n\n\n

While Pick n Pay continues to close stores across South Africa, Shoprite has gone the opposite direction, opening hundreds of new outlets.<\/p>\n\n\n\n

In the 26 weeks ending December 2024, Shoprite saw a sharp increase in store openings, with 264 new stores opening across its South African segments year-on-year.<\/p>\n\n\n\n

This included 37 new Checkers stores, 32 new Shoprite stores, and 81 new Shoprite and Checkers Liquor stores.<\/p>\n\n\n\n

Like the Hyde Park Corner store, Shoprite’s aggressive expansion has targeted former Pick n Pay sites which became available.<\/p>\n\n\n\n

At the beginning of 2024, Shoprite launched eight new supermarkets at sites previously occupied by Pick n Pay on Johannesburg’s East Rand. Seven of these stores were branded as Checkers stores.<\/p>\n\n\n\n

In December 2024, News24 also reported that Shoprite launched three new supermarkets at former Pick n Pay sites in Gauteng. <\/p>\n\n\n\n

Hyprop results<\/h2>\n\n\n
\n
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Rosebank Mall, which is owned by Hyprop<\/figcaption><\/figure><\/div>\n\n\n

The announcement of Checkers coming to Hyde Park Corner was included in Hyprop’s interim results for the six months ended December 2024, which showed a solid performance. <\/p>\n\n\n\n

The group’s income for HY2025 increased by 14.5% from R668 million in HY2024 to R765 million, with its income per share also increasing to 201.4 cents.<\/p>\n\n\n\n

The group said the increase was underpinned by a 34% increase in the income from its Eastern European portfolio to R308 million.<\/p>\n\n\n\n

The operating income from the South Africa portfolio increased 19% compared to HY2024 to R830 million. This was boosted by acquiring the R1.6 billion Table Bay Mall in the final months of 2023.<\/p>\n\n\n\n

However, the group’s performance was tempered by higher interest costs, as the Table Bay Mall purchase was fully debt-funded.<\/p>\n\n\n\n

Hyprop declared an interim dividend of 113.43 cents per share.<\/p>\n\n\n\n

The group added that the full-year dividend for FY2025 will be increased from 75% to 80% of the group\u2019s distributable income from the South African and Eastern European portfolios. <\/p>\n\n\n\n

Financials<\/strong><\/td>H1 2024<\/strong><\/td>H1 2025<\/strong><\/td>% Change<\/strong><\/td><\/tr>
Net operating income (R’000)<\/td>613 482<\/td>800 671<\/td>+30.5%<\/td><\/tr>
Headline earnings per share (cents)<\/td>111.3<\/td>138.1<\/td>+24.1%<\/td><\/tr>
Basic earnings per share (cents)<\/td>52.1<\/td>274.7<\/td>+427.3%<\/td><\/tr>
Distributable income per share (cents)<\/td>176.1<\/td>201.4<\/td>+14.4%<\/td><\/tr>
Dividend per share (cents)<\/td>–<\/td>113.43000<\/td>–<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Hyprop has seen a large jump in earnings, with the Hyde Park Corner owner expecting to welcome South Africa’s largest retailer to the centre. <\/p>\n","protected":false},"author":95,"featured_media":796599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[5223,15005,4067,7520],"class_list":["post-816731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-checkers","tag-hyprop","tag-pick-n-pay","tag-shoprite"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/816731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=816731"}],"version-history":[{"count":13,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/816731\/revisions"}],"predecessor-version":[{"id":828261,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/816731\/revisions\/828261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/796599"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=816731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=816731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=816731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}