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Pick ‘n Pay, a South African supermarket chain partly owned by the billionaire Ackerman family, has announced that it currently holds more than R250 million ($14.1 million) in unclaimed cash-back rewards, benefiting over 11 million customers using its smart shopper cards.
The revelation follows a comprehensive evaluation of smart shopper data, highlighting that numerous smart shopper members have accumulated over R100 ($5.63) in points on their cards, yet to be utilized.
In response to the challenging economic climate marked by soaring interest rates, energy costs, and food prices, Pick ‘n Pay offers relief to struggling families by encouraging them to claim their earned rewards.
“We want to provide relief to families… The smart shopper points that customers get from every visit to our shops accumulate and can add up to substantial amounts for customers to spend,” said Andrew Mills, the retailer’s chief marketing officer, in an official statement.
The latest disclosure of unclaimed cash-back rewards underscores Pick ‘n Pay’s commitment to its loyal customers and its continued efforts to support them during these economically challenging times.
As customers face financial hardships, the supermarket chain’s initiative to offer relief through unclaimed rewards aims to positively impact struggling families, helping them cope with the ongoing economic turmoil.
Pick ‘n Pay’s monthly issuance of approximately four billion smart shopper points across all stores signifies the significant value customers find in this rewards program. In these trying times, many have turned to their cash-back rewards to alleviate financial burdens, using them to purchase essential food and home items.
Founded in 1967 by Raymond Ackerman, who acquired the first four Pick ‘n Pay stores in Cape Town, South Africa, the retailer has since grown into a household name with a robust presence in Africa, including Namibia, Botswana, Zambia, Swaziland, and Lesotho.
Gareth Ackerman, Raymond Ackerman’s son, currently serves as the company’s chairman, with the Ackerman family retaining a substantial 25.53-percent stake equivalent to 124,677,238 issued shares.
