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As the name suggests, the Mr Price brand is focused on providing products that are cost-effective, which it achieves by introducing lower markups, selling higher quantities of product, and dealing primarily in cash-based revenue (with cash sales making up over 80% of total sales). This focus on ‘everyday low prices’ has contributed greatly to its popularity as a brand in the South African market.
Mr Price was founded by Stewart Cohen and Laurie Chiappini, two young entrepreneurs who met working shop floors in 1979. Their previous retail experience had led both men to believe that there was a better way of doing business that would be more beneficial for owners, employees, and customers alike.
They saw factory shops as the future, with their low cost structures and the ability to sell in bulk enabling them to charge lower prices for their merchandise, thereby attracting more customers and increasing overall revenue.