Walmart, the new kid on the block
November 25, 2025
Trade Tatler Newsletter
News from the FMCG retail industry – delivered fresh every week
THIS ISSUE: 6 November 2025
Dis-Chem half-year results | Kimberly-Clark to buy Kenvue
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Hello and welcome to another edition of the Trade Tatler, which, coming to you in the first week of November, can only mean one thing – Black Friday and the festive season are pretty much here and happening already. We hope you’re ready. In this week’s newsletter, we bring you a few ‘bigly’ stories, like what Dis-Chem plans to do with its innovation hub, and how Pick n Pay is planning to relaunch its No Name brand. Then, in the suppliers section, there’s an even ‘biglier’ story about how Aspen can finally forget about that contractual dispute, which has no doubt been keeping it up at night, and the ‘bigliest’ story of them all is that Kimberly-Clark is planning to buy out J&J spin-off, Kenvue. Enjoy the read.
+8.3%
Dis-Chem Group turnover growth over HY2026
49
years ago, Pick n Pay’s No Name brand was launched
32,000
the square meterage of Boxer’s new Tongaat DC
3
delivery time slots available through Amazon
$40bn
the value of the Kimberly-Clark and Kenvue deal
YOUR NUMBERS THIS WEEK
RETAILERS AND WHOLESALERS
Dis-Chem
A bigly deal
A roundup of Dis-Chem’s half-year results, which came out late last week. Retail turnover grew +8.3% to R18.1bn, driven by strong momentum in the Dispensary (+11.0%) and Healthcare & Medical (+11.5%) categories, alongside continued store expansion. However, Baby Care (including 44 Baby City stores) remained a drag on performance, seeing a 6.6% drop in turnover. What was clear from the results is that the business is adopting a deliberate dual strategy at the moment through the strengthening of its core retail business while driving transformative initiatives through its quirkily named innovation hub, X,bigly labs. For more on how Dis-Chem came up with that name, and what it means for the business, watch this. Looking ahead, the Group mentioned a bunch of exciting initiatives, including accelerating store growth, the launch of its first Store of the Future in Q1 FY2027, and a FY2027 app launch, aimed at reimagining online retailing and healthcare access.
Source: Tatler Reporter 04/11/25
Ti Perspective: We can’t wait to see where X,bigly labs takes Dis-Chem, because the name… sheeshkebab! For more on Dis-Chem’s results, read through our one-page summary here.
Pick n Pay
What’s in a name?
Speaking of names, there were several stories from the Pick n Pay Group last week, starting with South Africa’s original ‘No Name’ brand. First launched 49 years ago with just 14 products, over the years No Name has been extended to include over 3,000 products, which the business has now come to realise was a bit of a stretch and has somewhat diluted what it stands for. As a result, No Name will undergo a major overhaul over the next year to 18 months, where, according to CEO Sean Summers, shoppers will see “a radically revamped and repositioned house brand range”. Meanwhile, across the Limpopo in Botswana, Vivo Energy Botswana and Pick n Pay have partnered to launch the country’s first Pick n Pay GO store. Open 24 hours a day, the store will offer the usual fare expected at a forecourt store, like freshly baked goods, coffee, snacks, drinks and daily essentials. What makes the opening notable, however, is that it comes on the back of Pick n Pay transitioning its 13 Botswana stores from franchise to corporate-owned, signalling The Big Blue’s commitment to bringing upgraded stores and improved service to our African neighbour. And finally, Boxer’s seventh DC in Tongaat on the KZN north coast is officially up and running. The 32,000 square metre DC mirrors Boxer’s Benoni DC in size and features, with an additional 10,000 square metres of potential expansion built into the site design. Advanced features include state-of-the-art racking locations, automated pallet jacks, reach trucks, and forklifts, all operating with lithium-ion battery systems that improve energy efficiency and safety. The DC can currently service up to 120 stores, easing the pressure on Boxer’s other KZN DC in Lynnfield Park and Imonti in the Eastern Cape.
Source: Tatler Reporter 05/11/25
Ti Perspective: Boxer continues to pack a punch for the greater Pick n Pay Group.
In Brief
The waiting and waiting is getting irritating
Our initial reaction when we stumbled upon the following story was, “Yes! More online retailers need to do this!” Do what, you ask? Create delivery windows, like Amazon, so that online shoppers don’t have to wait at home or the office all day, wondering when their new smart watch / phone / TV or whatever else will arrive. Currently available in Joburg, Pretoria, and CT, customers can schedule deliveries up to one day in advance and select from three time windows – 08:00-13:00, 13:00-18:00 and 17:00-20:00. We hope to see the service being offered in more locations soon. Still with delivery, Woolies Dash has surreptitiously increased its delivery fee by R10 to R45. We nearly missed the pop-up when it appeared on our app. The increase starts next Monday… so pack in those deliveries now while you can. Moving on to arguably Woolies’ closest rival, Checkers has opened its largest halaal store in Saxony Westwood Mall, KZN. Working in close collaboration with the National Independent Halaal Trust (NIHT), the store is fully halaal-certified across all departments – from butchery and bakery to delicatessen and ready-to-eat meals. Located in an area that is home to a large portion of the Islamic community in Durban and surrounds, “Checkers Westwood blends world-class retail with the tastes and values of the local community,” says Riaz Cotwal, Divisional Manager for Checkers KZN. And finally, still with the Shoprite Group, the Lewis furniture group has lost its bid to prevent Pepkor from acquiring Shoprite’s furniture business. Lewis had intervened in the deal, stating that it could provide the authorities with insights into competition within the furniture sector. The Competition Tribunal initially allowed Lewis to proceed, but Shoprite and Pepkor appealed to the Competition Appeals Court, stating that the Tribunal was outsourcing the Commission’s public function to a competitor. “Quite right”, said the Court, ruling that such inquiries should not occur.
source: Tatler Reporter 05/11/25
Ti Perspective: “So-called Stalingrad legal tactics have no place in a merger inquiry,” said Shoprite and Pepkor, and we have to agree.
MANUFACTURERS AND SERVICE PROVIDERS
Kimberly-Clark
I’m sorry, what?
Well, well, well… what do we have here? Kimberly-Clark is buying out Kenvue, owner of Johnson’s, Neutrogena, Benylin, Sinutab, Nicorette, Listerine and many, many others? This is a freakin’ big deal, not only in value – which at US$40bn (equity value) or US$48.7bn (enterprise value) are tidy sums – but also because if it happens, it will result in a consumer goods giant that stocks everything from toilet paper and nappies to medicine cabinet essentials. Kenvue, which was spun off from Johnson & Johnson in 2023, has seen its shares decline, following high-profile court cases and changing consumer behaviour. Shoppers opting for cheaper retailer private brands have also affected Kimberly-Clark, and when making the announcement, executives from both businesses stated that they had “complementary strengths” and a combination of products that would help accelerate growth. The two businesses combined are expected to generate $32bn in sales this year, and the deal itself will probably be wrapped up in the second half of 2026.
Source: BBC.com 03/11/25
Ti Perspective: Investor reaction has been mixed, with Kenvue stocks surging on the news. Kimberly-Clark’s investors initially reacted negatively, although some analysts view this as short-sighted anxiety over the size of the deal.
Aspen
A sigh of relief
It’s been a tough few months for Aspen, which earlier this year warned of a “material contractual dispute” that the company estimated would lead to a R2bn drop in its earnings. The matter can now finally be closed and forgotten, thanks to Aspen’s customer agreeing to a R500m settlement, which Aspen will receive in the next 30 days. Aspen had to work hard to shore up confidence when the announcement of the failed contract was first made, with CEO Stephen Saad purchasing over 1.5 million of the Group’s shares for almost R200m in May to show hisfaith in the business. Recently, the Group also received approval from the SA Health Products Regulatory Authority to use its diabetes drug, Mounjaro, as a weight management treatment, which is expected to bring in R1bn in sales for Aspen over the next few years.
Source: BusinessLive 31/10/25
Ti Perspective: The reason for the failure of that specific project will likely remain unknown. While the settlement figure is far less than the potential $2bn in lost contract value, its impact is more about restoring investor confidence and closing a negative chapter for Aspen.
In Brief
Surf and turf
Oceana and Astral know a thing or two about ups and downs, the one being at the mercy of the seas and the other of plucky chickens. We’ll start with Oceana, which, after announcing in September that it expected a decline in HEPS of at least 40%, is now hoping for a smaller drop thanks to good catch rates in its wild-caught segment. Lucky Star also saw steady demand and improved margins. Astral, on the other hand, anticipates a 5% to 15% rise in HEPS over H2 (after a 54% drop in H1) thanks to higher poultry sales, increased broiler slaughter numbers, and improved per-unit production costs. We will bring you both those companies’ results when they are announced later this month. Next, on the international front, SABMiller parent company, AB InBev, has announced that it will be buying back $6bn worth of its shares, in a show of confidence in the business despite falling volumes. The move, the largest buyback in years, is designed to boost earnings per share and signal that management views its stock as undervalued. Investors will now watch to see if this financial manoeuvring, coupled with AB InBev’s premiumisation strategy, can sustain growth without a recovery in overall beer sales. And closing off, PepsiCo has just revealed a brand new corporate identity “that captures the energy, optimism and ambition” of the business in a “colour palette [that] draws from the real world”, i.e. warm orange, blues and green. Its new payoff line – Food. Drinks. Smiles. – is one that we can only describe as short, sweet and to the point. For a more comprehensive explanation of the thinking behind the new look and feel, visit the PepsiCo website here.
Source: BusinessLive 31/10/25
TRADE ENVIRONMENT
Fuel Price
How low can you go? By Ti Economist, Carey Leighton
November is off to a good start, with the fuel price coming down. Effective yesterday, 5 November, petrol is -51c cheaper per litre, while drivers of diesel vehicles will enjoy a -21c drop per litre versus last month’s prices.
Why the decrease?
-
- The rand was slightly stronger at R17.29/US$ (from R17.49/US$ last month)
- International fuel prices were lower than last month – Brent Crude declined from $67.16 to $64.10 per barrel, attributed to increased production (supply) and concerns over the demand outlook
- Taxes (argh…) were unchanged this month, but they account for 30% of the petrol price at R6.33/l (incl. General Fuel Levy, Road Accident Fund (RAF) Levy, Carbon Tax, Customs & Excise, etc). These increased in Jun 2025 as part of the 2025/2026 Budget, when VAT remained unchanged
Source: Department of Energy 04/11/25
Ti Perspective: Will shoppers’ wallets notice the savings ahead of the festive season? We’ll take good news where we can get it. Speaking of news, for a roundup of the latest economic indicators, check out Trade Intelligence’s monthly SA Economic Report – click here for a nifty one-page summary.
A New Website, and a Whole New Mindset
October 29, 2025
FMCG Retail Growth 2026: Where Are You Hedging Your Bets?
October 8, 2025
THE WEEKLY GURU
“It is wise to know where you come from, who called your name.”
Maya Angelou
RETAILERS AND WHOLESALERS
Dis-Chem
A bigly deal
A roundup of Dis-Chem’s half-year results, which came out late last week. Retail turnover grew +8.3% to R18.1bn, driven by strong momentum in the Dispensary (+11.0%) and Healthcare & Medical (+11.5%) categories, alongside continued store expansion. However, Baby Care (including 44 Baby City stores) remained a drag on performance, seeing a 6.6% drop in turnover. What was clear from the results is that the business is adopting a deliberate dual strategy at the moment through the strengthening of its core retail business while driving transformative initiatives through its quirkily named innovation hub, X,bigly labs. For more on how Dis-Chem came up with that name, and what it means for the business, watch this. Looking ahead, the Group mentioned a bunch of exciting initiatives, including accelerating store growth, the launch of its first Store of the Future in Q1 FY2027, and a FY2027 app launch, aimed at reimagining online retailing and healthcare access.
Source: Tatler Reporter 04/11/25
Ti Perspective: We can’t wait to see where X,bigly labs takes Dis-Chem, because the name… sheeshkebab! For more on Dis-Chem’s results, read through our one-page summary here.
Pick n Pay
What’s in a name?
Speaking of names, there were several stories from the Pick n Pay Group last week, starting with South Africa’s original ‘No Name’ brand. First launched 49 years ago with just 14 products, over the years No Name has been extended to include over 3,000 products, which the business has now come to realise was a bit of a stretch and has somewhat diluted what it stands for. As a result, No Name will undergo a major overhaul over the next year to 18 months, where, according to CEO Sean Summers, shoppers will see “a radically revamped and repositioned house brand range”. Meanwhile, across the Limpopo in Botswana, Vivo Energy Botswana and Pick n Pay have partnered to launch the country’s first Pick n Pay GO store. Open 24 hours a day, the store will offer the usual fare expected at a forecourt store, like freshly baked goods, coffee, snacks, drinks and daily essentials. What makes the opening notable, however, is that it comes on the back of Pick n Pay transitioning its 13 Botswana stores from franchise to corporate-owned, signalling The Big Blue’s commitment to bringing upgraded stores and improved service to our African neighbour. And finally, Boxer’s seventh DC in Tongaat on the KZN north coast is officially up and running. The 32,000 square metre DC mirrors Boxer’s Benoni DC in size and features, with an additional 10,000 square metres of potential expansion built into the site design. Advanced features include state-of-the-art racking locations, automated pallet jacks, reach trucks, and forklifts, all operating with lithium-ion battery systems that improve energy efficiency and safety. The DC can currently service up to 120 stores, easing the pressure on Boxer’s other KZN DC in Lynnfield Park and Imonti in the Eastern Cape.
Source: Tatler Reporter 05/11/25
Ti Perspective: Boxer continues to pack a punch for the greater Pick n Pay Group.
In Brief
The waiting and waiting is getting irritating
Our initial reaction when we stumbled upon the following story was, “Yes! More online retailers need to do this!” Do what, you ask? Create delivery windows, like Amazon, so that online shoppers don’t have to wait at home or the office all day, wondering when their new smart watch / phone / TV or whatever else will arrive. Currently available in Joburg, Pretoria, and CT, customers can schedule deliveries up to one day in advance and select from three time windows – 08:00-13:00, 13:00-18:00 and 17:00-20:00. We hope to see the service being offered in more locations soon. Still with delivery, Woolies Dash has surreptitiously increased its delivery fee by R10 to R45. We nearly missed the pop-up when it appeared on our app. The increase starts next Monday… so pack in those deliveries now while you can. Moving on to arguably Woolies’ closest rival, Checkers has opened its largest halaal store in Saxony Westwood Mall, KZN. Working in close collaboration with the National Independent Halaal Trust (NIHT), the store is fully halaal-certified across all departments – from butchery and bakery to delicatessen and ready-to-eat meals. Located in an area that is home to a large portion of the Islamic community in Durban and surrounds, “Checkers Westwood blends world-class retail with the tastes and values of the local community,” says Riaz Cotwal, Divisional Manager for Checkers KZN. And finally, still with the Shoprite Group, the Lewis furniture group has lost its bid to prevent Pepkor from acquiring Shoprite’s furniture business. Lewis had intervened in the deal, stating that it could provide the authorities with insights into competition within the furniture sector. The Competition Tribunal initially allowed Lewis to proceed, but Shoprite and Pepkor appealed to the Competition Appeals Court, stating that the Tribunal was outsourcing the Commission’s public function to a competitor. “Quite right”, said the Court, ruling that such inquiries should not occur.
source: Tatler Reporter 05/11/25
Ti Perspective: “So-called Stalingrad legal tactics have no place in a merger inquiry,” said Shoprite and Pepkor, and we have to agree.
MANUFACTURERS AND SERVICE PROVIDERS
Kimberly-Clark
I’m sorry, what?
Well, well, well… what do we have here? Kimberly-Clark is buying out Kenvue, owner of Johnson’s, Neutrogena, Benylin, Sinutab, Nicorette, Listerine and many, many others? This is a freakin’ big deal, not only in value – which at US$40bn (equity value) or US$48.7bn (enterprise value) are tidy sums – but also because if it happens, it will result in a consumer goods giant that stocks everything from toilet paper and nappies to medicine cabinet essentials. Kenvue, which was spun off from Johnson & Johnson in 2023, has seen its shares decline, following high-profile court cases and changing consumer behaviour. Shoppers opting for cheaper retailer private brands have also affected Kimberly-Clark, and when making the announcement, executives from both businesses stated that they had “complementary strengths” and a combination of products that would help accelerate growth. The two businesses combined are expected to generate $32bn in sales this year, and the deal itself will probably be wrapped up in the second half of 2026.
Source: BBC.com 03/11/25
Ti Perspective: Investor reaction has been mixed, with Kenvue stocks surging on the news. Kimberly-Clark’s investors initially reacted negatively, although some analysts view this as short-sighted anxiety over the size of the deal.
Aspen
A sigh of relief
It’s been a tough few months for Aspen, which earlier this year warned of a “material contractual dispute” that the company estimated would lead to a R2bn drop in its earnings. The matter can now finally be closed and forgotten, thanks to Aspen’s customer agreeing to a R500m settlement, which Aspen will receive in the next 30 days. Aspen had to work hard to shore up confidence when the announcement of the failed contract was first made, with CEO Stephen Saad purchasing over 1.5 million of the Group’s shares for almost R200m in May to show hisfaith in the business. Recently, the Group also received approval from the SA Health Products Regulatory Authority to use its diabetes drug, Mounjaro, as a weight management treatment, which is expected to bring in R1bn in sales for Aspen over the next few years.
Source: BusinessLive 31/10/25
Ti Perspective: The reason for the failure of that specific project will likely remain unknown. While the settlement figure is far less than the potential $2bn in lost contract value, its impact is more about restoring investor confidence and closing a negative chapter for Aspen.
In Brief
Surf and turf
Oceana and Astral know a thing or two about ups and downs, the one being at the mercy of the seas and the other of plucky chickens. We’ll start with Oceana, which, after announcing in September that it expected a decline in HEPS of at least 40%, is now hoping for a smaller drop thanks to good catch rates in its wild-caught segment. Lucky Star also saw steady demand and improved margins. Astral, on the other hand, anticipates a 5% to 15% rise in HEPS over H2 (after a 54% drop in H1) thanks to higher poultry sales, increased broiler slaughter numbers, and improved per-unit production costs. We will bring you both those companies’ results when they are announced later this month. Next, on the international front, SABMiller parent company, AB InBev, has announced that it will be buying back $6bn worth of its shares, in a show of confidence in the business despite falling volumes. The move, the largest buyback in years, is designed to boost earnings per share and signal that management views its stock as undervalued. Investors will now watch to see if this financial manoeuvring, coupled with AB InBev’s premiumisation strategy, can sustain growth without a recovery in overall beer sales. And closing off, PepsiCo has just revealed a brand new corporate identity “that captures the energy, optimism and ambition” of the business in a “colour palette [that] draws from the real world”, i.e. warm orange, blues and green. Its new payoff line – Food. Drinks. Smiles. – is one that we can only describe as short, sweet and to the point. For a more comprehensive explanation of the thinking behind the new look and feel, visit the PepsiCo website here.
Source: BusinessLive 31/10/25
TRADE ENVIRONMENT
Fuel Price
How low can you go? By Ti Economist, Carey Leighton
November is off to a good start, with the fuel price coming down. Effective yesterday, 5 November, petrol is -51c cheaper per litre, while drivers of diesel vehicles will enjoy a -21c drop per litre versus last month’s prices.
Why the decrease?
-
- The rand was slightly stronger at R17.29/US$ (from R17.49/US$ last month)
- International fuel prices were lower than last month – Brent Crude declined from $67.16 to $64.10 per barrel, attributed to increased production (supply) and concerns over the demand outlook
- Taxes (argh…) were unchanged this month, but they account for 30% of the petrol price at R6.33/l (incl. General Fuel Levy, Road Accident Fund (RAF) Levy, Carbon Tax, Customs & Excise, etc). These increased in Jun 2025 as part of the 2025/2026 Budget, when VAT remained unchanged
Source: Department of Energy 04/11/25
Ti Perspective: Will shoppers’ wallets notice the savings ahead of the festive season? We’ll take good news where we can get it. Speaking of news, for a roundup of the latest economic indicators, check out Trade Intelligence’s monthly SA Economic Report – click here for a nifty one-page summary.
Walmart, the new kid on the block
November 25, 2025
THE WEEKLY GURU
“It is wise to know where you come from, who called your name.”
Maya Angelou
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