Pick n Pay just lost an entire country. The local partner that ran its 19 Namibian stores for 27 years just walked. That partner is Ohlthaver & List. On 1 July 2025 O&L ended the franchise and rebranded every store to Model, its own name since 1965. Two reasons. The SA parent is bleeding, selling down Boxer to cut debt. And O&L had the cash, N$6.5bn from selling control of Namibia Breweries to Heineken in 2023. A franchise is a rental. After 27 years O&L owned the buildings, the staff, the customers, everything but the name. So they stopped paying for it. You walk when you outgrow what you pay for. #PicknPay #Namibia #Retail #GlobalArbitrage #OhlthaverAndList