■ South African Retail Intelligence | KPI Dashboard
Supermarket Sector Analysis
Shoprite · Checkers · SPAR · Pick n Pay · Woolworths Food · Boxer | Mar 2025 – Feb 2026
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12 months selected |
Mar 2025 – Feb 2026 |
Combined revenue across selection shown in charts below
Select months above — charts update instantly to show only the chosen period.
▶ Total — All 6 Chains
—
Combined selected period
Shoprite
—
+8.9% YoY (FY25)
Checkers
—
+13.8% YoY (FY25)
SPAR SA
—
+2.3% YoY (FY25)
Pick n Pay
—
+5.6% YoY (FY25)
Woolworths
—
+11.0% YoY
Boxer
—
+13.9% H1 FY26
Revenue by Retailer — Selected Months (Rbn)
Shoprite
Checkers
SPAR SA
Pick n Pay
Woolworths
Boxer
Revenue Growth YoY %
Margin Comparison (%)
Monthly Revenue — Selected Months (Rbn)
Disclaimer — Revenue figures for the selected months are estimated by distributing disclosed annual/semi-annual results across months using seasonal adjustment factors. All values in South African Rand. Figures labelled EST are estimates. Not investment advice. Data correct as at March 2026.
Margin figures are based on latest disclosed full-year or interim period — independent of month selection. Revenue totals reflect selected months.
Gross Margin % by Retailer
EBITDA Margin % by Retailer
Financial KPIs — Selected Period Revenue + Disclosed Margins
EST = Estimated| Retailer | Sel. Rev (Rbn) | Rev Growth | Gross Margin | EBITDA Margin | Op Margin | Gross Profit (Sel.) | EBITDA (Sel.) | Status |
|---|
Disclaimer — Margin figures reflect latest disclosed periods and are not recalculated per month. SPAR’s gross margin (2.1%) reflects its wholesale model and is not comparable with retail gross margins. Revenue totals for selected months are estimates. Not investment advice.
Market share is calculated from selected-period revenue against a pro-rated total SA grocery market estimate.
Market Share — Selected Period
Market Share Detail — Selected Period
| Rank | Retailer | Sel. Rev (Rbn) | Market Share % | YoY Trend |
|---|
Disclaimer — Market share estimates are approximations only, calculated against an estimated total SA grocery market of ~R790bn (full year). The pro-rated market base scales with month selection. Not for citation as definitive market share data. Stats SA data used as proxy. Not investment advice.
Digital revenue scales with selected months. Growth rates and platform metrics are from latest disclosed periods.
Sixty60 H1 FY26
R11.9bn
▲ +34.6%
Sixty60 Stores
875
▲ Active Mar-26
Sixty60 / SA Sales
10.3%
H1 FY26
Woolies Dash
7.2%
▲ +49.2%
PnP asap! Growth
74.4%
▲ FY25
Online Share of Sales %
Online Growth YoY %
Estimated Online Revenue — Selected Months (Rbn)
Digital Platform Summary
| Retailer | Platform | Sel. Online Rev (Rbn) | Growth | Online % Sales | Note |
|---|
Disclaimer — Sixty60 (R11.9bn H1 FY26, +34.6%) and Woolies Dash (7.2% of SA Food) figures are directly disclosed. SPAR and Boxer online revenue are estimates. Growth rates are from the most recent disclosed period, not recalculated per month. Not investment advice.
Store counts and openings are estimated for the selected months based on disclosed half-year and full-year net additions.
Shoprite/Checkers Group
3,908
Jun 2025 — Disclosed
SPAR Southern Africa
2,523
Sep 2025 — Disclosed
Pick n Pay Group
2,269
▼ Mar 2025 — Rationalising
Woolworths Food SA
366
Jun 2025 — Disclosed
Boxer
525
Mar 2025 — Disclosed
SA Store Count by Retailer
Est. Net Openings — Selected Months
Store Network & Supply Chain
| Retailer | Stores | Source / Period | Net Opens/Mo | Rev/Store (Rmn) | Sel. Net Openings | Dist. Centres |
|---|
Disclosed figures — Shoprite/Checkers Group = 3,908 total outlets (Jun 2025 annual report); SPAR Southern Africa = 2,523 (Sep 2025); Woolworths Food = 366 SA stores (Jun 2025); Boxer = 525 SA & Eswatini (Mar 2025); Pick n Pay Group = 2,269 (Mar 2025). Note: Shoprite group includes all formats + liquor stores. Supermarket vs liquor split is estimated — see Liquor tab. Net openings/month are averages from half-year disclosures. Not investment advice.
SA off-trade liquor market ~R100bn annual (Trade Intelligence, Jul 2025). Listed retailers grew their liquor store footprint +31% over 5 years — nearly double the grocery store growth rate. NOTE No retailer discloses liquor-specific gross margins — those figures do not exist in any public filing.
SA Off-Trade Market
~R100bn
Trade Intelligence Jul 2025
Shoprite Liquor Outlets
~925
▲ #1 in SA (Jun 2025)
TOPS at SPAR
912
Sep 2025 — Disclosed
PnP Liquor Stores
687
Mar 2025 — Disclosed
Checkers LiquorShop H1 Growth
+12.7%
▲ H1 FY26 — Disclosed
TOPS % of SPAR SA Sales
~13%
Business Day Mar 2026
Liquor Store Count by Chain (Most Recent Disclosed)
Liquor Revenue Growth — Latest Disclosed Period (%)
Liquor Operations Detail — By Chain
DISC/EST flagged per row| Chain / Brand | Stores | Growth (Latest) | Revenue | % of Group | Format | Status |
|---|---|---|---|---|---|---|
| Shoprite LiquorShop | ~500 | +10.1% H1 FY26 | Not disclosed | EST ~5–6% | Stand-alone adj. to Shoprite | EST stores DISC growth |
| Checkers LiquorShop | ~308–340 | +12.7% H1 FY26 | Not disclosed | EST ~5–6% | Stand-alone adj. to Checkers | EST stores DISC growth |
| OK Liquors / Enjoy | ~77 | Not disclosed | Not disclosed | N/D | Within OK Franchise network | EST |
| TOPS at SPAR | 912 | Strong FY25 | EST ~R12–13bn | ~13% DISC | Stand-alone franchise | DISC stores & % |
| PnP Liquor | 687 | +8.9% FY25 | EST ~R10–12bn | EST ~9% | Small format ~170 sqm | DISC stores & growth |
| Woolworths | 0 | N/A | N/A | In-store only | No standalone chain | N/A |
| Boxer | 0 confirmed | N/A | N/A | Select stores only | No standalone chain | N/A |
| SHOPRITE GROUP TOTAL | ~925 | Overtook TOPS Jun 2025 | Not disclosed separately | — | Multiple formats | Daily Investor Jun 2025 |
What Is NOT Disclosed — Liquor
✗ Liquor-specific gross margins — not disclosed by any listed retailer. Bundled into group results.
✗ Shoprite liquor revenue — bundled with grocery banner. Never separately reported.
✗ PnP Liquor revenue — disclosed only as part of group turnover.
✗ Shoprite LiquorShop store count split — group publishes 3,908 total outlets; supermarket vs liquor sub-count not separately disclosed.
✓ TOPS at SPAR: 912 stores + ~13% of SPAR SA sales — directly cited in Business Day Mar 2026 from SPAR national liquor executive.
✓ PnP Liquor: 687 stores + +8.9% FY25 growth — from PnP FY24 annual report.
✓ Shoprite/Checkers LiquorShop H1 FY26 growth rates — +10.1% and +12.7% from SENS Feb 2026.
Disclaimer — TOPS at SPAR store count (912) and ~13% sales share are disclosed. Shoprite group total 3,908 outlets is disclosed (Jun 2025); LiquorShop sub-count is estimated. PnP Liquor store count 687 and +8.9% growth are disclosed. Liquor revenue and margin for all chains are not separately disclosed — revenue estimates are derived. Not investment advice.
Three of the Big 6 operate franchise networks. SPAR’s entire SA grocery network is franchise-based. Shoprite’s franchise arm (OK Franchise Division) had 618 stores as at Q1 FY26. Pick n Pay has ~250 franchise supermarkets plus 145–176 Express forecourt franchises. Woolworths, Checkers and Boxer are 100% corporate-owned.
SPAR SA Franchise Stores
2,523
All franchise Sep 2025
OK Franchise Division
618
▲ Q1 FY26 — Disclosed
PnP Franchise Supermarkets
~250
EST from strategy docs
PnP Express (franchise)
145–176
On BP forecourts
SPAR Gourmet (pilot)
1
▲ Zimbali Nov 2025
TOPS at SPAR
912
All franchise Sep 2025
2C · SPAR Group — All Formats (Southern Africa, Sep 2025)
DISCLOSED| Format | SA Stores | Description | Avg Size | Notes |
|---|---|---|---|---|
| SPAR | 390 | Standard neighbourhood grocery; everyday shopping | ~800 m² | Core franchise format |
| SUPERSPAR | 400 | Larger supermarket; weekly / family shopping | ~1,800 m² | Competes with PnP supermarkets |
| KWIKSPAR | 129 | Smaller convenience; urban high-traffic | ~400 m² | Extended hours; some 24hr |
| SPAR Express | 87 | Forecourt convenience; Shell partnership | ~200 m² | See Forecourt tab |
| SPAR Gourmet | 1 (pilot) | Premium format; competing with Woolworths/Checkers FreshX | ~1,200 m² | Zimbali Oasis KZN, Nov 2025. 100 more planned. |
| SaveMor | 72 | Rural / value format; lower-LSM communities | ~500 m² | Southern Africa |
| TOPS at SPAR | 912 | Standalone liquor stores | ~200 m² | ~13% of SPAR SA sales |
| SA GROCERY TOTAL (excl. TOPS) | 1,079 | SPAR+SUPERSPAR+KWIKSPAR+Express+Gourmet+SaveMor · Remaining ~532 of 2,523 total are in Namibia, Botswana, Mozambique etc. | ||
2A · Shoprite — OK Franchise Division (Total: 618, Q1 FY26 Disclosed)
PART EST| Format | Stores (est.) | Target Market | Notes |
|---|---|---|---|
| OK Foods | ~400 EST | Suburban mid-market | Full supermarket; flagship franchise format |
| OK Grocer | ~80 EST | Urban convenience | Smaller neighbourhood format |
| OK MiniMark | ~60 EST | Convenience | Compact format for high-traffic sites |
| OK Express | ~30 EST | Forecourt convenience | Petrol station sites — see Forecourt tab |
| OK Value / Megasave | ~40 EST | Value / wholesale | Township and bulk formats |
| Enjoy / OK Liquor | ~8 EST | Liquor retail | Liquor stores within OKFD network |
| TOTAL OK FRANCHISE | 618 DISCLOSED | Q1 FY26 (SENS Nov 2025). Sub-format split is estimated — only total is disclosed. Usave = 100% corporate-owned, NOT franchised. | |
2B · Pick n Pay — Franchise Network (Mar 2025)
DISC/EST| Format | Type | Stores | Avg Size | Notes |
|---|---|---|---|---|
| PnP Supermarket (franchise) | Franchise | ~250 EST | ~2,900 m² | Family Stores — first opened Westville 1993. Being rationalised alongside corporate stores. |
| PnP Supermarket (corporate) | Corporate | ~640 EST | ~2,900 m² | Core corporate estate; some converting to Boxer format. |
| PnP Hypermarket | Corporate | 21 | ~13,000 m² | New format launched 2025; disclosed in results. |
| PnP Express (forecourt) | Franchise | 145–176 | ~200 m² | 24/7 on BP forecourts. Wild Bean Café integrated. See Forecourt tab. |
| PnP Liquor | Mix | 687 | ~170 m² | Both corporate and franchise liquor stores. See Liquor tab. |
| PnP Clothing | Corporate | ~385 EST | ~450 m² | Clothing-only stores. |
| GROUP TOTAL | 2,269 DISCLOSED (Mar 2025) | FY25 rationalisation: 32 stores closed (24 corporate, 8 franchise). Franchise fee ~R10–15m setup for supermarket; ~R500k–2m for Express. | ||
Disclaimer — SPAR format counts (Sep 2025) are disclosed in annual report. OK Franchise total 618 (SENS Nov 2025) is disclosed — sub-format split is estimated. PnP group total 2,269 (Mar 2025) is disclosed — franchise vs corporate split is estimated from strategy communications. SPAR wholesale gross margin of 2.1% reflects distributor role, NOT retail-level margin at franchisee stores. Not investment advice.
849 SA forecourts host branded supermarket stores as of Jul 2025 — +26% over five years (Trade Intelligence). Fuel volumes fell 6.3% over the past year, forcing stations to diversify revenue. NOTE No retailer discloses forecourt revenue as a separate segment.
Branded Forecourts SA
849
▲ +26% over 5yr
PnP Express (BP)
145–176
24/7 franchise
Woolworths Foodstop (Engen)
97
▲ 100th Jul 2025
SPAR Express (Shell)
87
Sep 2025
FreshStop (sector leader)*
330+
Caltex/Astron
Fuel Volume Trend
-6.3%
▼ Past 12 months
Forecourt Store Count by Retailer (Most Recent Disclosed)
Forecourt Operations Detail — By Retailer
| Retailer | Brand | Stores | Fuel Partner | Size | Hours | Unique Features | Source |
|---|---|---|---|---|---|---|---|
| Pick n Pay | PnP Express | 145–176 | BP | 150–250 m² | 24/7 | Wild Bean Café integrated; 1,500–2,500 SKUs; franchise model | BP SA / PnP AR |
| Woolworths | Foodstop | 97 | Engen | ~200 m² | 24/7 | Same prices as full Woolworths stores; Engen funds capex; ‘Woolies After Dark’ Uber Eats delivery until midnight (Mar 2025) | Engen Jul 2025 |
| SPAR | SPAR Express | 87 | Shell | ~200 m² | Extended | Franchise-owned; part of SPAR SA network of 2,523 | SPAR AR Sep 2025 |
| Shoprite | OK Express | ~30 EST | Mixed | ~150 m² | Extended | Part of OK Franchise Division (618 total); sub-count not separately disclosed | Derived |
| Checkers | FreshX (select) | Limited EST | None | ~500 m²+ | Standard | Premium format; primarily standalone not forecourt | N/A |
| Boxer | None | 0 | N/A | N/A | N/A | Format not suitable for forecourt deployment | N/A |
| FreshStop* | FreshStop | 330+ | Caltex/Astron | ~200 m² | 24/7 | Market leader; 126 Seattle Coffee outlets; not part of Big 6 | TI Jul 2025 |
| BIG 6 SUBTOTAL | ~370 stores | Out of 849 branded forecourt stores nationally (Trade Intelligence Jul 2025). FreshStop’s 330+ makes it the single largest operator. | |||||
Pick n Pay GO — New Format (2025–2026)
NEWPnP piloted a new convenience format called PnP GO in Botswana with Vivo Energy (Shell) in Nov 2025. The format is smaller than PnP Express and targets Shell forecourts. SA rollout is planned but no confirmed store count or timeline has been publicly disclosed.
Disclosed figures — PnP Express: 145 from PnP annual data; 176+ confirmed by BP SA website. Woolworths Foodstop: 97 stores (Wikipedia FY25 data), 100th store opened Engen Sandton Jul 2025 (Engen press release). SPAR Express: 87 Southern Africa (SPAR annual report Sep 2025). *FreshStop included for competitive context — not part of Big 6. Forecourt revenue not separately disclosed by any retailer. Not investment advice.
Competitive intelligence for the Mar 2025 – Feb 2026 period. Narrative insights are independent of month selection.
⚡ Sixty60 Digital Dominance
Grew +34.6% H1 FY26 to R11.9bn — 10.3% of SA sales. Live in 875 stores. Est. >60% of SA on-demand grocery delivery. 14,200+ jobs created.
✌️ Pick n Pay Turnaround
R3.2bn FY24 loss reversed to R1.76bn trading profit FY25 (+334%). Turnover +5.6%. Boxer IPO (Nov-24) freed PnP to focus on core estate.
📈 Boxer: Fastest Growing Listed
Listed Nov-24; grew +13.9% H1 FY26. 547 stores, net cash R1.1bn, inaugural dividend 45.3c/share. LSM 4-7 discount focus in underserved communities.
💰 Shoprite 35.1m Members
Xtra Savings reached 35.1 million members, 572m store visits H1 FY26. Food inflation 0.7% vs CPI 4.7% — est. R16.5bn consumer savings. 6 consecutive years of share gains (NielsenIQ).
🏠 SPAR Stabilises
Net debt cut R9.1bn → R5.4bn post Switzerland/Poland disposals. SA revenue +2.3%. DHEPS -8.96%; CEO resigned Feb-26. Gourmet concept stores planned.
⭐ Woolworths Premium Resilience
SA Food +11.4% H1 FY26 to R25bn. Woolies Dash +49.2% — 7.2% of SA Food. Higher-income consumers trading up. Share buyback launched Sep-25.
Key Growth Metrics — YoY % (Latest Disclosed)
Disclaimer — Insights are editorial analysis based on publicly available JSE SENS filings, annual reports, and financial media. They represent opinion and should not be treated as statements of fact. “6 years of share gains” cites NielsenIQ data referenced in Shoprite FY25 results. Not investment, financial, or business advice.
Data priority: JSE SENS → Annual Reports → Integrated Reports → Trading Updates → Financial Media.
Trade Intelligence
FORECOURT REPORT JUL 2025 — 849 BRANDED STORES, LIQUOR +31%
tradeintelligence.co.za ↗Disclaimer — This dashboard aggregates publicly available information only. No proprietary or non-public information has been used. The publisher has no affiliation with any company or publication listed. Users should independently verify all data before commercial or investment use. Data compiled March 2026. Not investment advice.
■ SA RETAIL INTELLIGENCE
Mar 2025 – Feb 2026 | ZAR
EST = Estimated | DISC = Disclosed from filings
NOT INVESTMENT ADVICE | v5