Competitive Advantages Of Mr Price
Mr Price is known to be the best retail company that has a wide range of products sold in South Africa. They were established in 1885, they have been trading on the JSE since 1952. There are Mr Price stores located all around Africa, such as Botswana, Kenya, Tanzania, Malawi, Namibia and of course in South Africa.
The founders Laurie Chiappini and Stewart Cohen opened the very first Mr Price in 1985 in Durban. Their goal and vision was to create factories that sold fashionable clothing at reasonable prices.
A year later John Orr’s businesses were brought by Chiapinni and Cohen whom formed a group with BoE. They purchased all of John Orr’s businesses consisting of The Hub and Milady’s.
Mr Price had gained capital from these department stores, and this capital was used for a new company called Staco. In 1996, Staco purchased the jewellery company, Galaxy and Co. which led them to purchase Sheet Street as well. In 1998, the Group launched their first Mr Price Home store. Mr Price outlets were renamed in 2001, to Mr Price as the outlets was more of the financial side of the company. Not long after Mr Price Sport was established in 2007 and has only became strength to the company.
Competitive Advantage:
Mr Price has a wide range of competitors such as H&M, Woolworths and Pick ‘n Pay. A competitive advantage describes how the business has benefits or strengths over its competitors in the market. By having this, the competitors don’t seem as a threat to the company. It’s used
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