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Mr Price looking to stimulate credit sales in wake of Covid-19 downturn

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Mr Price store front .(Supplied - Mr Price Group)
Mr Price store front .(Supplied - Mr Price Group)
Mr Price Group

In the wake of the Covid-19 pandemic, traditional cash retailer Mr Price has sought to boost credit as a percentage of their overall sales that have been struggling this year. Is the Durban-based retailer changing their model or is it just a sign of the times?

Analysts believe it is the latter with Syd Vianello, a veteran retail analyst, saying the retailer was trying to use credit and drive it as an enabler of sales.

"What Mr Price is trying to do is drive that figure up again and bring credit sales back to say 15% but use it as an enabler of sales not necessarily to run up bad debt. For them, it is a profit-making tool," said Vianello.

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