Who is Mr.Price?
Mr Price Group Limited is an omni-channel, fashion value retailer.
The Group retails apparel, homeware and sportswear through owned and franchised stores and online channels in Africa and Australia. Merchandise is predominantly own-branded and targeted at younger customers in the mid to upper LSM categories.
MR.PRICE SPORTS WEAR 
MR. PRICE CLOTHING 
MR.PRICE HOME
Mr.Price is a great example to look at when it comes to how brands can position and differentiate themselves. Mr.Price starts of with a great brand name that tells you exactly what it is they are all about, They are all about the price, Mr.Price has also taken the time to identify their target market and who it is they want to have purchasing at their stores or on-line.
- They have targeted the younger consumers in the mid to upper LSM Categories, and they way they position themselves to target this market, is by looking at some of the key factors with a younger consumer base, such as, ease of shopping and price, as we are well aware, the modern world is extremely digital with easy access to doing everything online with very limited downtime to do the simple tasks of shopping, whether it be for clothing, or furniture, Mr.Price has brought a solution to their target market by offering an Online shopping experience to its consumers as well, so not only are they looking at giving the best price to their consumers but now they have also looked to give the consumers the best and easiest experience when shopping with them. Another great feature that Mr.Price has is their credit within their stores, allowing the younger market to be able to purchase furniture and items for their homes without having to invest the full amount upfront, as this would be more difficult for a younger consumer to achieve.
Not only do they look at providing furniture and home goods, they also have clothing, and to top it all off they also have active wear. They have taken the time to understand their target market and what it is their consumers do on a day to day basis and what lifestyle choices they are making, in this forever busy and changing world, people try to make the time to keep some sort of active lifestyle to stay healthy, with social media also being so easily accessible and everywhere, there is also a preconceived idea of how people should be dressing or looking when they go out and how their homes should look in case they were to have friends or family over, Mr.Price has now taken 3 of these problems and provided a solution to their consumers that they can trust the Mr.Price brand and purchase from them.
With Mr.Price expanding its product offering, they are able to generate a larger customer base and in turn generate larger streams of revenue as well into the business. 80% of the sales made in Mr.Price are cash sales, what does this mean for the brand? The brand is less impacted by the cyclical nature of retail. Not dependent on credit to drive sales, particularly during poor economic times. They are less exposed to bad debt, able to fund future growth without incurring debt and lastly strong cash flows will support future growth and maintain an appropriate dividend payout ratio.
- Mr.Price providing value to their customers is at the very core of the groups purpose, this means that they need to sell products at lower rates than some of their competitors but at higher volumes in order to offer their excellent value. Lower markups mean that they are able to offer “everyday low prices” on quality fashionable items. Majority of the merchandise within Mr.Price has its own-branding as well.
In a world that is forever changing and developing and becoming more digital it is important to make sure your brand stands out and to remind your customers of what makes you different, I definitely think Mr.Price has done this by continually growing and developing their brand to stay relevant to the current market, especially with their target market being the younger generation, that develops and changes as quick as the technology around them.
Sources:
https://www.mrpricegroup.com/mr-price-group-about-us.aspx
https://www.seartec.co.za/3-sa-companies-with-winning-business-strategy
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