Boxer targets 60 new stores as Pick n Pay’s golden child continues to grow

South Africa – Discount retailer Boxer plans to open 60 new stores during the 2026/27 financial year after reporting higher turnover and profits, reinforcing its position as a key growth driver for parent company Pick n Pay.

Boxer’s turnover increased by 6.3% to R24.1 billion in the 26 weeks ended 30 August 2026, while trading profit rose by 8.1% to approximately R1 billion.

The retailer’s headline earnings climbed 9.1% to R565 million, while profit before tax and capital items increased by 10.6% to R774 million, according to its interim financial results published through Sharenet.

Boxer reached the 600-store milestone during the reporting period after opening 24 outlets, comprising nine superstores and 15 liquor stores. It subsequently opened another eight stores in September, bringing its total new openings for the financial year to 32 by 30 September.

Affordability and expansion 

“The Group is on track to achieve its target of opening 60 new stores for the full year FY27,” the company said in its results announcement.

Boxer chief executive Marek Masojada said the retailer remained focused on affordability and expansion despite mounting economic pressures.

“We want to keep delivering great value, and we will do that by continuing to invest in price, expanding our store footprint to underserved communities, and maintaining a disciplined approach to costs,” Masojada said, as quoted by BusinessTech.

The expansion comes as South African consumers continue to face pressure from higher living costs and subdued spending. Boxer’s interim results described the trading environment as characterised by “a constrained consumer and continued selling price deflation”.

The retailer also warned that elevated oil and diesel prices, alongside uncertainty over food inflation, continued to affect customers and operating costs.

Closures and conversions 

Boxer’s performance is increasingly important to Pick n Pay’s broader turnaround strategy. In an August report, Reuters reported that Pick n Pay’s group turnover increased by 2.7% over the 20 weeks ended 19 July, supported by Boxer’s growth, which helped offset pressure on its core supermarket business.

The report said that Boxer’s turnover increased by 7.2% during that period, while Pick n Pay’s South African operations continued to face challenges as the group worked through planned store closures and conversions.

Pick n Pay has also used the sale of part of its Boxer shareholding to support its financial recovery. BusinessTech reported that the retailer sold 57.3 million Boxer shares in May 2026, representing 12.5% of Boxer’s issued ordinary shares, generating approximately R4.7 billion.

Despite the expansion plans and improved financial results, Boxer cautioned that macroeconomic risks and uncertainty over food inflation could affect its outlook.

The company said its focus remained on expanding its store network and capturing long-term growth opportunities while maintaining its emphasis on competitive prices and cost control.