The South African retail landscape is highly dynamic and competitive. The market is characterized by a diverse range of players, from large multinational retailers to small, independent businesses. Mr Price Group Ltd. is one such prominent player grabbing opportunities by adapting to trends in this changing landscape and meeting the needs of consumers.
Among the key figures steering the ship at this omni-channel fashion value retailer is Mark Stirton, the Chief Financial Officer (CFO) of Mr Price Group Ltd. Mark’s role as CFO is instrumental in guiding the financial strategies of the organization, ensuring it remains agile and competitive in the ever-changing retail landscape.
He is passionate about strategy execution and how organizations need to adopt a two-speed approach of performance and transformation particularly if they are legacy organizations that are stuck.
Let’s delve into a story of resilience, innovation and a bright future in the world of fashion and lifestyle retail!
From Pennies to Profits
Mark’s journey from the child of an immigrant entrepreneur to a seasoned corporate leader is evidence of his determination to understand and master the complexities of money management. Inspired by his father’s ups and downs in the liquor and hospitality trade, Mark embarked on a mission to ensure his family’s financial security.
“Understanding money became my priority. I didn’t want my family to face the same struggles,” Mark says. His first passion, art and design, initially seemed at odds with his financial ambitions. However, he found a way to blend the two worlds, realizing that “form always unlocks function.”
Mark’s career began at PwC, where he gained invaluable insights into the corporate world. However, his entrepreneurial spirit led him to choose the path less traveled. He joined a medium-sized group with diverse business interests, honing his understanding of various industries’ unique value-creation models.
The most profound lesson Mark learned during this period was that the mindset of a founder differs significantly from that of an employee. “Their business is their life,” he notes, emphasizing the importance of aligning passion with work as the founders do.
Mark’s journey of self-discovery continued as he assumed leadership roles at prominent organizations. He stressed the importance of humility and hands-on experience, encapsulated in the concept of “packing the truck.” It’s about understanding the intricacies of a task before delegating it.
His climb to the top was marked by transitions and challenges. Mark’s career trajectory involved strategic business development, large-scale acquisitions and restructuring legacy systems. However, he recognized that complacency and legacy thinking often hinder growth in organizations.
Mark’s advice is clear—leaders must cast a compelling vision, align intentions and patiently lead their teams through change. He has recently stepped down from his role as Group Chief Financial Officer, ready to reset for the next chapter of his career.
Following the Money Trail
Mr Price Group is a JSE top-40 listed retailer that plays in the fashion value apparel and homeware segments of the market, together with an interest in the financial services and telecommunications space.
At its peak pre-covid, its market capitalization exceeded R60bn. It has over 25,000 staff and almost 3,000 stores across its various brands. Its geographical presence is concentrated in South Africa with a strong presence across the rest of the major southern African economies.
Vision: To be the most valuable retailer in Africa.
Mission: To deliver low-price differentiated fashion value merchandise to its target mass market consumer base every day.
Purpose: To be the people’s value champion.
Finance Unplugged
With a growth mindset and an unquenchable thirst for knowledge, Mark continually seeks new horizons of growth and value creation. He shatters the mold of mere iteration, opting instead to “re-imagine” organizations to unlock opportunities both within and beyond their boundaries.
Mark’s unique blend of digital fluency and deep expertise in big data and visualization technologies equips him to craft solutions that embrace modern building blocks, reshaping the way businesses operate. His re-engineering prowess allows him to reshape people, processes and systems, revealing the hidden value often obscured by legacy thinking and habits.
A champion of systems thinking, Mark architects’ solutions that minimize friction across enterprises, ensuring smooth execution. He employs tools like the business canvas model and the double diamond model to distill opportunities and, crucially, bring them to life with stakeholders.
As a devoted student of the OKR methodology, as used by industry giants Google and Intel, Mark believes that better execution is the ultimate corporate challenge. He understands the power of collective brilliance through collaboration and encourages others not to hesitate when reaching out to their network for an outside perspective.
The Depths of Business Wisdom
Mark sees the corporate world as a theatrical performance. He observes, “You have multiple scenes outworking themselves simultaneously—you have various actors who all have different roles yet all need each other to keep the story together.” In this dynamic narrative, the outcome isn’t pre-written—instead, it evolves daily, influenced by changing roles and decisions. To Mark, business isn’t merely a game—it resembles a war with a series of battles. Success hinges on strategic trade-offs, knowing which battles to prioritize while sacrificing others to achieve the ultimate goal.
In Mark’s view, the challenge lies in execution. He highlights that “business executives are great at formulating plans, but it’s in the execution that these plans unravel.” Trust, a vital ingredient for goal attainment, is often hindered by dysfunctional teams, as described by Patrick Lencioni.
Equal Opportunities, Stronger Returns
“Diversity,” Mark emphasizes, “isn’t limited to gender or race. It’s about harnessing the exponential power of our differences as an advantage.” In South Africa, where an employment equity bill promotes diversity in the workforce, businesses are urged to reflect the nation’s diversity.
Mark’s company takes this seriously, setting annual diversity targets overseen by its Sustainability, Ethics and Transformation committee. This commitment to embracing differences ensures a workplace that’s not only representative of the country but also fosters an environment where everyone can thrive. It’s the belief that true progress is born from the collective strength of diverse perspectives.
Culture as Currency
Mark firmly adheres to the Golden Rule, emphasizing that at Mr Price, every employee should apply it when interacting with colleagues and stakeholders. This principle underlines the company’s commitment to respect and empathy.
In his journey at Mr Price, Mark relies on three guiding principles—Passion, Value Creation and Partnership. These core values shape the company’s culture and help him ensure alignment with its ethos. Passion drives their work, value creation fuels innovation and partnerships strengthen their collaborative spirit.
Counting Coins in a New Era
The proliferation of AI has ushered in a creative revolution, turbocharging the creative process. Generative AI, in particular, is transforming industries like marketing and fast fashion. Mark notes that it enables the rapid generation of unique images based on user prompts, revolutionizing merchandise design and speeding up the product cycle significantly.
But AI’s impact goes beyond aesthetics. Mark envisions a future where personalized AI shopping assistants are the norm. These digital companions understand your size, style preferences and budget, recommending outfits from various retailers with a seamless checkout process. It’s a game-changer for shoppers seeking convenience and tailored experiences.
Looking ahead, Mark anticipates the metaverse’s emergence as a major retail frontier. In this digital realm, alongside digital currencies, new markets will flourish as people lead both physical and digital lives. It’s a glimpse into the exciting possibilities that AI and technology hold for the future of retail.
The Road Ahead
“I envision leading businesses into the future, whether they seek to evolve their existing models or create entirely new ones,” Mark declares. He hopes for Mr Price to accelerate its transformation efforts, recognizing the incredible potential of technology when harnessed by a forward-thinking workforce.
Mark emphasizes the importance of educating teams about these new mediums of innovation to dispel fear and embrace change. With alignment between technology and people, change becomes a natural and positive force. It’s a vision of a future where businesses embrace the power of technology and thrive through innovation and adaptation.
Bequeathing Wisdom
“Your voice matters in business—don’t underestimate your contribution,” Mark urges. He emphasizes the importance of authenticity, advising against conforming to gender stereotypes. In a corporate world often lacking compassion, Mark believes empathy is crucial. As a father of daughters, he hopes for a future where they can break free from societal constraints and make a positive impact. Mark’s message resonates with the need for diverse voices and compassionate leaders in business, inspiring change and progress for all.
