Where Mr Price Home and Sheet Street together represent about 16% of revenue – Pep Home is estimated to contribute roughly 10% of Pepkor’s revenue. Picture: Sumaya Hisham/Reuters At the end of September 2024, Pepkor had 426 Pep Home stores in South Africa. It hasn’t yet disclosed the split between Pep, Pep Cell and Pep Home for this year, but it has reported the addition of 45 Pep Home outlets in the last 12 months.
This takes the total to around 470, barring the impact of any closures. At current growth rates of between 50 and 100 stores being added each year, this unit should overtake the number of Pep Cell outlets (534 in March 2025) during 2026, given the relative concentration of the latter category in the market. Across its Pep business in South Africa, these 45 openings accounted for nearly half of the total new stores (95) in 2025, while in 2024, the 38 Pep Home stores were two-thirds of the total.
Sure, this is a fast-growing segment for the core unit of Pepkor, but with nearly 1 700 Pep stores across SA, there is simply not that much white space left to add further ‘core’ Pep outlets. This is not the case for Pep Home, which has seen the group expand into areas and neighbourhoods (like Leaping Frog and Kyalami Corner in the north of Joburg, Kloof in Durban), where it would probably never open a ‘normal’ Pep store. Pepkor doesn’t split out the sales mix within its Pep business in South Africa, which makes it impossible to see just how big the Pep Home unit is.
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Clothing and general merchandise, at R67 billion in the last year, accounts for 70% of group revenue and 74% of profits. One proxy is Mr Price, where Mr Price Home and Sheet Street together account for around 16% of group revenue. On that basis, it isn’t a stretch to imagine that Pep Home is around 10% of revenue.
Pepkor says that it has continued to see market share gains in the homeware category (general merchandise), not to be confused with its furniture, appliances and tech unit (practically, the old JD Group). It is strange to think that Mr Price, which basically created this segment – affordable homeware – with its acquisition of Sheet Street in 1996 and the opening of the first Mr Price Home store in 1998, created this gap for Pep.
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