South African tycoon Raymond Ackerman, founder of Pick ‘n Pay, dies at 92

Raymond Ackerman, the visionary founder of Pick ‘n Pay, one of South Africa’s largest supermarket chains, has passed away at 92. This was confirmed by the company in an emailed statement on Thursday.

Ackerman, known for his commitment to affordable prices and ethical business practices, co-founded Pick ‘n Pay in 1967 alongside his wife, Wendy Ackerman. This journey began with the purchase of four stores in Cape Town, and relentless dedication to customer-centric values propelled the company to remarkable heights over the years.

The company’s statement read: “It is with profound sadness that we announce the death of visionary South African and founder of Pick ‘n Pay, Raymond Ackerman.” He passed away on Wednesday evening in Cape Town, leaving behind his wife, Wendy, and their four children, Gareth, Kathy, Suzanne, and Jonathan, as well as a legacy of 12 grandchildren and four great-grandchildren.

Ackerman’s legacy extends beyond the success of Pick ‘n Pay. He firmly believed in the idea that “doing good is good business” and championed the cause of providing affordable prices to all segments of society. Under his leadership, Pick ‘n Pay grew into one of Africa’s largest retailers, with operations spanning more than 2000 stores across South Africa and seven other African countries.

In recent years, Ackerman transitioned leadership to his family, with his son Gareth Ackerman taking the helm as the current chairman of Pick ‘n Pay. The Ackerman family still owns a substantial 25.53-percent stake in the retailer, valued at more than $250 million.

Despite challenges, such as load shedding in the country, Pick ‘n Pay continued to thrive. The company reported a profit after tax of R1.169 billion ($64.1 million) at the end of its 2023 fiscal year.

While this figure represented a 3.7-percent decline from the previous year’s profit, the financial statements also revealed an impressive 8.9-percent surge in revenue from R97.9 billion ($5.36 billion) to R106.6 billion ($5.84 billion) for the same period.

Ackerman’s passing marks the end of an era in South African retail, but his enduring legacy and commitment to ethical business practices will continue to inspire future generations.