Mr Price’s annual report has all the usual information about strategy, annual sales, corporate social responsibility and a promise not to do anything that would upset the tax man.
But it also addresses the challenges of “rolling blackouts”, red tape, regulatory uncertainty and SA’s “failure to execute on growth plans”.
Imagine a growing economy where Mr Price, or any company for that matter, could talk about expanding their business or just stick to company matters, like the fact you can pay with the Mr Price app in-store. Yes, yet another app to download.
But the report is forced to address the economy. It speaks of red tape that takes up time, money and expertise.
“We operate in an environment with a high level of regulatory change and complexity. The group is required to ensure compliance with all legislation. This is an extensive process that absorbs significant resources.”
Moreover, GDP “continues to decline”.
Mr Price says the government’s “failure to execute on growth plans is at the heart of the country’s challenges”.
Thankfully, the company adds that “despite this, South Africa remains one of the most exciting and prospective emerging markets in the world”.
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