Standard Bank supports Pick n Pay’s efforts towards sustainability and customer value with R2.136 billion in funding

Pick n Pay’s Project Ekuseni, a long-term strategic growth plan which was established after extensive research and planning, was publicly announced in May 2022. 

Ekuseni, a Zulu and Xhosa word, translates to “new morning” or “new dawn”. The plan seeks to build and strengthen the iconic retailer’s brand as they enter a new chapter. This includes redefining their relationship with their customers by offering greater productivity, a simpler store operating model, targeted promotions, more shelf options, and the reduction of waste. 

The retailer is also looking to accelerate the growth of Boxer, a leading discount supermarket chain, by doubling the current sales and opening 200 new stores. This will increase their market reach by providing more access to the South African consumers.

Because Pick n Pay has demonstrated a commitment to operate more sustainably and reduce its environmental impact, Standard Bank is excited to partner with the retailer in supporting this transformation by being the largest lender on the project. 

Standard Bank is particularly excited to be supporting Pick n Pay in achieving the sustainability targets set out and having modernised operating models and tackling rising operating costs . The ESG overlay metrics for this transaction are aligned to Pick n Pay’s objectives, with a focus on reducing carbon emissions and food waste.

In addition to the deal displaying Standard Bank’s commitment to positive sustainable business operations, this partnership also positions the bank as a leading debt funder in the retail space.