Boxer, South Africa’s leading soft-discount supermarket chain, is intensifying its focus on its airtime and data business while expanding its store footprint and enhancing its loyalty programme. Spun off from Pick n Pay and listed on the Johannesburg Stock Exchange (JSE) in November 2024, Boxer is leveraging its 547-store network across South Africa and Eswatini to drive growth. The retailer’s strategic moves include launching Boxercom, a mobile virtual network operator (MVNO) on MTN’s network, and integrating airtime and data services into its rapidly growing Boxer Rewards Club.
Boxercom marks a bold step into the MVNO market, which is projected to grow at a 17% compound annual growth rate from 2024 to 2029, according to Cell C. This sector, already serving 4.9 million customers, is attracting retailers such as Shoprite, Spar, and TFG, as well as banks like Capitec and FNB, which view MVNOs as a means to deepen customer engagement and unlock new revenue streams. CEO Marek Masojada described Boxercom as a “small presence” with significant growth potential, particularly through its integration with the Boxer Rewards Club, which now boasts 2.3 million members. The loyalty programme, according to Business Day, has driven higher basket sizes and repeat shopping, offering perks such as free airtime, competition entries, and personalised deals.
The airtime and data segment is a key pillar of Boxer’s “other trading income,” which rose 18.4% to R193 million in the six months to February 2025. By embedding these services into its loyalty platform, Boxer aims to transform transactional offerings into recurring revenue, strengthening customer retention in a competitive retail environment. The retailer’s digital platform, initially launched for bulk purchases, now supports airtime, data, and ticket sales, with electricity top-ups planned—further enhancing convenience for its middle- to lower-income customer base.
At the same time, Boxer is expanding its physical footprint, opening 25 stores in the six months to August 2025. These include nine superstores, 15 liquor stores, and one Boxer Build outlet. With 547 stores now in operation, the company is on track to meet its 60-store target for the year and aims to double its footprint to 1,000 stores by 2030. The JSE listing has boosted Boxer’s visibility, attracting property funds offering prime retail locations despite strong competition. Liquor stores, now located next to 58% of Boxer’s superstores, contribute strong margins at low incremental costs, though liquor licence delays remain a challenge, with 20 stores still awaiting approval.
Financially, Boxer reported a 13.9% rise in turnover to R22.5 billion and a 15.1% increase in trading profit to R931 million for the half-year period. Private labels, contributing 2–3% of turnover, complement well-loved South African brands, while on-demand delivery remains limited to bulk orders due to the high cost of last-mile logistics. Analyst Salome Maruma of Mergence praised Boxer’s cost discipline and supply chain investments but cautioned that sustaining margins and optimising “other income” streams like airtime would be critical for long-term growth.
By blending digital innovation, loyalty integration, and physical expansion, Boxer is well-positioned to capture South Africa’s underserved markets while navigating a challenging economic environment.