Mr Price Home

ABOUT US

Mr Price Home is the most loved and most frequented home ware retailer in South Africa! With 150 stores countrywide, and the widest range available to shop ONLINE in SA, we aim to delight our customers with well designed contemporary home ware and furniture that offers great value!

We retail contemporary designed homeware and furniture to value-minded customers, with a young-at-heart attitude, who are aged 18 years and older. The division continues to delight its customers with innovative products at everyday low prices.

History

Founders Stewart Cohen and Laurie Chiappini both started out on shop floors and when they met in autumn 1979 a relationship evolved based on mutual trust and a positive vision. Their earlier employment experiences had given them a negative view of typical businesses and they believed there was a better way of doing business – one where individuals exploited their full potential.

In early 1985 the partners recognised factory shops as the future, but they did not have the money to establish one. They felt clothing prices were too high and dreamt of a new kind of factory shop selling quality merchandise at substantially lower prices. This would be a third generation factory shop boasting attractive interiors, wanted merchandise and incredible advertising, but a very low cost structure to allow for low margins off high volumes.

The very first Mr Price Apparel stores were franchised because of their lack of funds. However when John Orrs Ltd, which also owned Miladys, was acquired in 1986 by Stewart and Laurie in partnership with a bank, the listed company began opening Mr Price stores and acquiring the franchised stores. Alastair McArthur joined the group as MD of Mr Price and the name of the company was changed over time to the Mr Price Group. Mr Price stores were opened rapidly throughout South Africa and by 1995 there were 237 stores.

In 1996 Sheet Street was acquired and Mr Price Home stores and Mr Price Sport stores were established in 1998 and 2007 respectively. Today there are approximately 1000 corporate owned stores in Southern Africa and 24 franchised stores abroad.

Stewart had seen his father work 40 years for one company, but because he did not own shares, he had retired on an inadequate pension. In his heart Stewart knew there was another way whereby successful companies share their wealth creation with employees. Stewart and Laurie studied other companies where the associates had shares or share options – and were moved by stories of truck drivers and sales associates who became wealthy because of that initiative.

In 2011 the group celebrated the silver anniversary of the change in control of John Orrs. During that quarter century sales grew from R100 million to R10 billion, attributable profits rose from R2,6 million to over R1 billion and the share price increased from 30 cents to R75, in the process benefitting thousands of associates.

Their dream was that every associate hold their shares and use the long-term growth in the value of those shares to build financial security and a foundation for a happy home life.

Their story is proof that dreams can become a reality if pursued with passion, value and partnership.

PRODUCT OFFERING

• Home Textiles
• Homewares
• Furniture
• Kids Merchandise

Customer & Positioning

Contemporary lifestyle customers aged 18 and upwards, all with a young at heart attitude. LSM range six to 10