Raymond Ackerman, the visionary behind South Africa’s retail giant Pick ‘n Pay, was a titan in his country and the African retail scene. His journey, which began in 1967 with the purchase of just four stores in Cape Town alongside his wife, Wendy Ackerman, culminated in a legacy of affordability and ethical business practices.
He firmly believed in the principle that “doing good is good business,” and this ethos drove Pick ‘n Pay’s remarkable ascent. Under his leadership, the company expanded to encompass over 2000 stores in South Africa and seven other African nations, solidifying its status as one of the continent’s largest retailers.
Ackerman’s influence extended far beyond his retail empire. He passed away on Sept. 6 at the age of 92, leaving behind a lasting imprint.
Before his passing, Ackerman passed the torch to his family, with his son Gareth Ackerman now leading as Pick ‘n Pay’s chairman. The Ackerman family still holds a significant 25.53-percent stake in the retailer, valued at over $250 million.
Billionaires.Africa has identified and cataloged various companies and holdings linked to the Ackerman family. Here is a list of some companies Raymond Ackerman owned during his lifetime:
Pick ‘n Pay stands as South Africa’s second-largest retailer, headquartered in Cape Town. This colossal retail giant oversees a vast network of more than 2,000 stores, spanning eight African countries. The Ackerman family has been the guardians of this empire. Pick ‘n Pay operates across various store formats within its fold under three distinguished brands: Pick ‘n Pay, Boxer, and TM Supermarkets. It boasts one of sub-Saharan Africa’s most expansive online grocery platforms. Collectively, the family owns a 25.53-percent stake, representing a total of 124,677,238 shares in the retailer.
Boxer Superstores, a South African-based discount supermarket, occupies a pivotal role within the Southern African retail landscape. The company, ardently aspiring to be Africa’s preferred discount supermarket chain, functions as a subsidiary of Pick ‘n Pay. Boxer Superstores maintains a robust presence across every province, including the Kingdom of eSwatini, diligently catering to the diverse needs of its patrons. The heart of its operations beats in KwaZulu-Natal. Notably, Pick ‘n Pay’s acquisition of Boxer in 2002 fortified the group’s capacity to effectively serve the dynamic consumer market.
TM Supermarkets bears the legacy of Ackerman’s influence, mediated through his family’s stake in Pick ‘n Pay. Operating as a supermarket chain in Zimbabwe, TM Supermarkets boasts numerous branches across all major cities and towns in the country. It operates under the Meikles group of companies, with Pick ‘n Pay Stores holding a noteworthy 49-percent ownership stake in the company.
- The Ackerman Pick n Pay Foundation
Established in 1997, the Ackerman Pick ‘n Pay Foundation serves as a lasting tribute to Raymond and Wendy Ackerman. This foundation finds its roots in the 30th Anniversary of the founding of Pick ‘n Pay, commemorating the Ackermans’ legacy and philanthropic spirit. To uphold their philosophy of giving, the board of directors of Pick ‘n Pay Stores Limited set aside a substantial sum of money to create this philanthropic fund, ensuring that the Ackerman name remains synonymous with benevolence.
- Raymond Ackerman Academy
Raymond Ackerman Academy for Entrepreneurial Development, founded in 2004 by Ackerman in partnership with UCT (University of Cape Town), and later joined by the University of Johannesburg, has made a profound impact on more than 1,000 graduates. This academy has produced new business owners who, in turn, provide employment opportunities for others. Over 400 of its graduates have found gainful employment. The academy’s reach has expanded, with a centralized location in Johannesburg and the introduction of an online program accessible to students across the African continent.
Ackerman’s commitment to transformation in golf led to the relaunch of the Clovelly Country Club, initially founded by his father. In 2007, his son, Jonathan Ackerman, established the Raymond Ackerman Golf Academy (RAGA) as a Trust. RAGA has evolved into a unique youth development program, offering extensive after-school academic support, a wide range of life skills activities, and golf coaching under the guidance of qualified PGA professionals.
- Pick n Pay Express
Pick ‘n Pay Express, an offshoot of Pick ‘n Pay, was originally conceived to provide convenient top-up shopping and quick meal solutions for customers. Since its inception, this strategic partnership has burgeoned to include more than 155 franchise 24-hour Pick ‘n Pay Express stores located on BP forecourts across South Africa. In a significant collaboration, BP Southern Africa and Pick ‘n Pay formalized an agreement in April 2012 to convert up to 200 BP Express stores into Pick ‘n Pay Express stores over five years. This expansion focused on strategically positioned BP service stations, aligning seamlessly with BP’s growth and investment plans.
