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: 25 July 2025
Loyalty as retailer currency | Adcock to delist from JSE
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Welcome to this edition of the Trade Tatler, where we bring you a slowish news week on most fronts. But look out for a big story from Adcock Ingram in our Manufacturers section, as well as an interesting shift taking place in soft drinks… could it be that sugar will make a comeback of sorts? Our in-house economist also takes you through the latest inflation numbers, which you might be shocked to hear came in lower than the UK’s for once. How did that happen? Well, you’ll have to keep reading. Enjoy.
+50%
more PnP Smart Shopper sign-ups thanks to FNB partnership
30%
back in UCount Rewards points for PetShop Science customers
+3.6%
June inflation in the UK, versus SA’s +3.0%
100%
of Adcock Ingram to be privately owned
of prebiotic fibre will be added to Pepsi’s new cola
YOUR NUMBERS THIS WEEK
RETAILERS AND WHOLESALERS
Value
Eight days a week
So how’s Pick n Pay’s Smart Shopper partnership with FNB going? In one word, gangbusters. After launching ‘Burger Friday’ in April – where Smart Shoppers who pay with an FNB card can get four fresh buns, lettuce, tomato, cheese, and four burger patties for just R60 – FNB saw an increase in customer sign-ups, while Smart Shopper sign-ups grew by over +50% YoY. Now Pick n Pay is trying to cover all the other days of the week, with R100 for 2 pizzas from Thursday to Saturday, Bombsquad Boerie Saturday, where Smart Shopper customers pay R70 for a six-pack (that’s what they’re calling it) of wors and six hotdog rolls, the Sunday Chicken Special on two whole rotisserie chickens and Meat Cut Tuesdays where shoppers get bulk meat deals. Monday and Wednesday are looking a little sad, but perhaps something will come yet. And not to be left out, three months after their partnership started, Standard Bank and Shoprite are expanding to include Shoprite and Checkers LiquorShops as well as Petshop Science stores, where customers can now unlock up to 30% back in UCount Rewards points on the wide range of treats, toys and specialised pet food available.
Source: Tatler Reporter 23/07/25
Ti Perspective: It is almost literally a bun fight out there when it comes to retailer specials, promotions and loyalty programmes. Of course, the ‘danger’ here is that shoppers start to “only buy it on special” like our colleague instructed her husband to do when stocking up on coffee just the other day.
Dis-Chem
We missed this story when it first broke over a year ago, but no matter, since it has only come to a conclusion this week. Last year in May, L’Oréal South Africa submitted a complaint to the Advertising Regulatory Board (ARB) regarding the similarity of Nutriwomen’s Dermacare packaging to L’Oréal’s CeraVe skincare range. The similarities cited included the font, colour, design and general layout of the product’s information on the pack, in other words, that good old ‘look and feel’. The ARB agreed at the time and gave Nutriwomen three months to redesign its packs, a decision Nutriwomen appealed in Oct 2024. The ARB stuck to its original verdict, giving Nutriwomen until January to make amends, and it advised ARB members not to advertise Dermacare products until the packs had changed. Fast forward to May this year, the ARB received photos showing that the packs hadn’t been given their makeover, and that Dis-Chem, exclusive stockist of the range and an ARB member, had continued to sell it in its Sandton and Mall of Africa stores after the Jan deadline. Dis-Chem has now pulled the products off its shelves and online platform, but Dermacare is still having it out with the ARB over its lapsed membership to the board (which, it says, means it doesn’t have to comply), although at the time of the first decision it was still a member and therefore bound by it. Dis-Chem, however, was and remains an ARB member and, as such, is forced to comply with the board’s directive to remove the products from its shelves.
Source: News24 22/07/25
Ti Perspective: Sjoe, it ended up getting a little messy, didn’t it? And with all the copycat products out there, the ARB is unlikely to be able to put its feet up on these matters any time soon.
International Retailers
Discounting the odds
According to industry research group Worldpanel, discount retailer Lidl’s UK market share has reached a record high over the last three months to mid-July at 8.3%, +11.1% higher than the same period last year. In other words, half a million new shoppers flocked to the discount retailer’s stores from May to July as UK punters continue to feel the pinch. This means Lidl may soon overtake its closest rival in the market share race, Morrisons, currently sitting in 5th. Tesco and Sainsbury’s remain in first and second spot, with 28.3% and 15.1% market share respectively. Very much related, according to Asda’s monthly Income Tracker, 40% of UK households saw their spending power drop in June as UK inflation reached an 18-month high of +3.6%. Unsurprisingly, lower-earning households have been hardest hit, with spending power dropping 8.1% compared to last year. Moving across to the US of A, Walmart has snapped up Instacart exec, Daniel Danker, as executive VP of AI acceleration, among his other responsibilities. “We’re on the eve of another transformation as AI enables us to reinvent commerce and serve customers and communities in entirely new ways,” said Danker. Walmart also announced that it is creating a new role, executive VP of AI platforms, although the lucky incumbent is yet to be announced.
source: MSN.com 22/07/25, Grocerydive 24/07/25, Tatler Reporter 23/07/25
MANUFACTACTURERS AND SERVICE PROVIDERS
Adcock Ingram
Jagged little pill
Big news from Adcock Ingram this week is that Indian multinational pharmaceutical company, Natco Pharma, has put in a bid to buy a 35.7% stake in the Panado, Corenza C and Compral owner in a deal that will almost certainly see Adcock delisting from the JSE and fall into private hands. Adcock’s biggest shareholder, Bidvest, will retain its 64.25% share, meaning that together, Bidvest and Natco will own 100% of Adcock Ingram. Discussions between Adcock and Natco started a year ago already, and talks have been more about partnership than acquisition, says Adcock, which has been on the hunt for a global partner for its generics medicines business. India, as it turns out, is also a good source of raw materials, giving Adcock the benefit of supply security when it comes to active ingredients. The markets responded positively to the news, with Adcock’s share price closing 20% higher on the day. “For us, it is an exciting deal,” said Adcock CEO Andy Hall. “We think it is a big vote of confidence, not only in Adcock Ingram’s people and its brands, but in South Africa as a whole.”
Source: News24 24/07/25
In Brief
Hey sugar
What’s this? Sugar is making a comeback in our fizzy drinks? And artificial sweeteners are out? This does indeed seem to be the case if the latest Pepsi and Coca-Cola innovations are any indication. Let’s start with Pepsi, which has just introduced its Prebiotic Cola with 5 grams of cane sugar, 30 calories, no artificial sweeteners and 3 grams of prebiotic fibre. It will be launching in the US towards the end of 2026 in its popular Original Cola and Cherry Vanilla flavours. Similarly, responding to a request by none other than President Donald Trump, Coca-Cola has also announced a new Coke variant made with US-grown cane sugar. “This will be a very good move by them – You’ll see. It’s just better!” Trump wrote on Truth Social. Coca-Cola CEO James Quincey did explain, however, that the main Coke product would continue to be made with the often criticised high-fructose corn syrup, and that the cane sugar version will only be an alternative.
Source: EyeWitness News 22/07/25, Tatler Reporter 23/07/25
Ti Perspective: Manufacturers bowing down to what consumers (and Presidents) want. Or do consumers simply have to accept what manufacturers offer? We’ve never quite been sure.
TRADE ENVIRONMENT
Inflation
The only way is up By Ti Economist, Carey Leighton
Stats SA released the consumer price index (CPI) for Jun 2025 this week, with headline inflation coming in at +3.0% year-on-year for Jun 2025, ticking up from +2.8% in Apr and May. Some interesting points in the numbers:
-
- Fuel has seen deflation for the 10th consecutive month: -11.2% in June 2025, -14.9% in May 2025, and will likely be around -6% for July 2025
- Housing and utilities inflation: remain at +4.4% for Jun 2025, including +11.3% for electricity
- Food and non-alcoholic beverages inflation: +5.1% (a 14-month high), meat: +6.6% (highest in two years), fruit and veg inflation over +13% but eggs are -3.8% (i.e. cheaper) and milk: -3.4%
- Inflation varies across the provinces: Western Cape: +3.7% and Gauteng: +2.6%
Source: Tatler Reporter 23/07/25, Source: Stats SA, SARB
Ti Perspective: All this is great on paper, and may just be enough for the SARB to cut the interest rate next week. However, households face ongoing financial strain – remember, food inflation was +9.2% in 2022 and +10.8% in 2023, before slowing to +4.5% in 2024 and is averaging at +3.6% so far for 2025. No wonder the FMCG retail space is so competitive, with promotions and rewards programmes fighting it out for a share of shoppers’ wallets.
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October 29, 2025
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October 8, 2025
THE WEEKLY GURU
“Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.”
Robert Orben
RETAILERS AND WHOLESALERS
Value
Eight days a week
So how’s Pick n Pay’s Smart Shopper partnership with FNB going? In one word, gangbusters. After launching ‘Burger Friday’ in April – where Smart Shoppers who pay with an FNB card can get four fresh buns, lettuce, tomato, cheese, and four burger patties for just R60 – FNB saw an increase in customer sign-ups, while Smart Shopper sign-ups grew by over +50% YoY. Now Pick n Pay is trying to cover all the other days of the week, with R100 for 2 pizzas from Thursday to Saturday, Bombsquad Boerie Saturday, where Smart Shopper customers pay R70 for a six-pack (that’s what they’re calling it) of wors and six hotdog rolls, the Sunday Chicken Special on two whole rotisserie chickens and Meat Cut Tuesdays where shoppers get bulk meat deals. Monday and Wednesday are looking a little sad, but perhaps something will come yet. And not to be left out, three months after their partnership started, Standard Bank and Shoprite are expanding to include Shoprite and Checkers LiquorShops as well as Petshop Science stores, where customers can now unlock up to 30% back in UCount Rewards points on the wide range of treats, toys and specialised pet food available.
Source: Tatler Reporter 23/07/25
Ti Perspective: It is almost literally a bun fight out there when it comes to retailer specials, promotions and loyalty programmes. Of course, the ‘danger’ here is that shoppers start to “only buy it on special” like our colleague instructed her husband to do when stocking up on coffee just the other day.
Dis-Chem
We missed this story when it first broke over a year ago, but no matter, since it has only come to a conclusion this week. Last year in May, L’Oréal South Africa submitted a complaint to the Advertising Regulatory Board (ARB) regarding the similarity of Nutriwomen’s Dermacare packaging to L’Oréal’s CeraVe skincare range. The similarities cited included the font, colour, design and general layout of the product’s information on the pack, in other words, that good old ‘look and feel’. The ARB agreed at the time and gave Nutriwomen three months to redesign its packs, a decision Nutriwomen appealed in Oct 2024. The ARB stuck to its original verdict, giving Nutriwomen until January to make amends, and it advised ARB members not to advertise Dermacare products until the packs had changed. Fast forward to May this year, the ARB received photos showing that the packs hadn’t been given their makeover, and that Dis-Chem, exclusive stockist of the range and an ARB member, had continued to sell it in its Sandton and Mall of Africa stores after the Jan deadline. Dis-Chem has now pulled the products off its shelves and online platform, but Dermacare is still having it out with the ARB over its lapsed membership to the board (which, it says, means it doesn’t have to comply), although at the time of the first decision it was still a member and therefore bound by it. Dis-Chem, however, was and remains an ARB member and, as such, is forced to comply with the board’s directive to remove the products from its shelves.
Source: News24 22/07/25
Ti Perspective: Sjoe, it ended up getting a little messy, didn’t it? And with all the copycat products out there, the ARB is unlikely to be able to put its feet up on these matters any time soon.
International Retailers
Discounting the odds
According to industry research group Worldpanel, discount retailer Lidl’s UK market share has reached a record high over the last three months to mid-July at 8.3%, +11.1% higher than the same period last year. In other words, half a million new shoppers flocked to the discount retailer’s stores from May to July as UK punters continue to feel the pinch. This means Lidl may soon overtake its closest rival in the market share race, Morrisons, currently sitting in 5th. Tesco and Sainsbury’s remain in first and second spot, with 28.3% and 15.1% market share respectively. Very much related, according to Asda’s monthly Income Tracker, 40% of UK households saw their spending power drop in June as UK inflation reached an 18-month high of +3.6%. Unsurprisingly, lower-earning households have been hardest hit, with spending power dropping 8.1% compared to last year. Moving across to the US of A, Walmart has snapped up Instacart exec, Daniel Danker, as executive VP of AI acceleration, among his other responsibilities. “We’re on the eve of another transformation as AI enables us to reinvent commerce and serve customers and communities in entirely new ways,” said Danker. Walmart also announced that it is creating a new role, executive VP of AI platforms, although the lucky incumbent is yet to be announced.
source: MSN.com 22/07/25, Grocerydive 24/07/25, Tatler Reporter 23/07/25
MANUFACTACTURERS AND SERVICE PROVIDERS
Adcock Ingram
Jagged little pill
Big news from Adcock Ingram this week is that Indian multinational pharmaceutical company, Natco Pharma, has put in a bid to buy a 35.7% stake in the Panado, Corenza C and Compral owner in a deal that will almost certainly see Adcock delisting from the JSE and fall into private hands. Adcock’s biggest shareholder, Bidvest, will retain its 64.25% share, meaning that together, Bidvest and Natco will own 100% of Adcock Ingram. Discussions between Adcock and Natco started a year ago already, and talks have been more about partnership than acquisition, says Adcock, which has been on the hunt for a global partner for its generics medicines business. India, as it turns out, is also a good source of raw materials, giving Adcock the benefit of supply security when it comes to active ingredients. The markets responded positively to the news, with Adcock’s share price closing 20% higher on the day. “For us, it is an exciting deal,” said Adcock CEO Andy Hall. “We think it is a big vote of confidence, not only in Adcock Ingram’s people and its brands, but in South Africa as a whole.”
Source: News24 24/07/25
In Brief
Hey sugar
What’s this? Sugar is making a comeback in our fizzy drinks? And artificial sweeteners are out? This does indeed seem to be the case if the latest Pepsi and Coca-Cola innovations are any indication. Let’s start with Pepsi, which has just introduced its Prebiotic Cola with 5 grams of cane sugar, 30 calories, no artificial sweeteners and 3 grams of prebiotic fibre. It will be launching in the US towards the end of 2026 in its popular Original Cola and Cherry Vanilla flavours. Similarly, responding to a request by none other than President Donald Trump, Coca-Cola has also announced a new Coke variant made with US-grown cane sugar. “This will be a very good move by them – You’ll see. It’s just better!” Trump wrote on Truth Social. Coca-Cola CEO James Quincey did explain, however, that the main Coke product would continue to be made with the often criticised high-fructose corn syrup, and that the cane sugar version will only be an alternative.
Source: EyeWitness News 22/07/25, Tatler Reporter 23/07/25
Ti Perspective: Manufacturers bowing down to what consumers (and Presidents) want. Or do consumers simply have to accept what manufacturers offer? We’ve never quite been sure.
TRADE ENVIRONMENT
Inflation
The only way is up By Ti Economist, Carey Leighton
Stats SA released the consumer price index (CPI) for Jun 2025 this week, with headline inflation coming in at +3.0% year-on-year for Jun 2025, ticking up from +2.8% in Apr and May. Some interesting points in the numbers:
-
- Fuel has seen deflation for the 10th consecutive month: -11.2% in June 2025, -14.9% in May 2025, and will likely be around -6% for July 2025
- Housing and utilities inflation: remain at +4.4% for Jun 2025, including +11.3% for electricity
- Food and non-alcoholic beverages inflation: +5.1% (a 14-month high), meat: +6.6% (highest in two years), fruit and veg inflation over +13% but eggs are -3.8% (i.e. cheaper) and milk: -3.4%
- Inflation varies across the provinces: Western Cape: +3.7% and Gauteng: +2.6%
Source: Tatler Reporter 23/07/25, Source: Stats SA, SARB
Ti Perspective: All this is great on paper, and may just be enough for the SARB to cut the interest rate next week. However, households face ongoing financial strain – remember, food inflation was +9.2% in 2022 and +10.8% in 2023, before slowing to +4.5% in 2024 and is averaging at +3.6% so far for 2025. No wonder the FMCG retail space is so competitive, with promotions and rewards programmes fighting it out for a share of shoppers’ wallets.
Walmart, the new kid on the block
November 25, 2025
THE WEEKLY GURU
“Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.”
Robert Orben
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