Ackerman family offloads big chunk of Pick n Pay shares
Raymond Ackerman at the Pick n Pay head office in Kenilworth.
Image: Independent Media | Tracey Adams
As Pick n Pay’s financial position improves, the Ackermans continue to sell down their stake.
Their most recent sell down, 8.5% of Pick n Pay, also includes a drop in the Ackermans’ voting power from 49% to just under 37%, while their economic interest declines to about 18%.
The family stopped being majority shareholders in 2024 when a restructuring plan was implemented to save the retailer.
The Ackermans plugged R1.1 billion into Pick n Pay to effectively rescue it when it started losing market share to rival Shoprite, which owns Checkers.
Pick n Pay has a long legacy in South Africa. It was founded in 1967 by Raymond Ackerman, who bought a single struggling store in Cape Town.
Raymond built that shop into one of South Africa’s largest supermarket chains.
Remaining involved in the business for decades, Raymond became one of the country’s most respected retail figures before his death in 2023.
Pick n Pay built a reputation as being known for affordable groceries and strong customer service, with the Ackerman family leading it for more than 50 years.
In recent years, Pick n Pay began losing market share to competitors such as Shoprite and Checkers, which expanded aggressively and modernised their stores.
Operational inefficiencies and underperforming outlets weighed on profits, prompting the need for a major reset.
At the same time, Boxer Retail, the retailer’s discount chain listed on the JSE.
The Ackermans’ support helped the company stabilise and put it on the path to recovery.
The sale by the Ackermans is not a retreat.
Even after reducing their stake, they remain anchor shareholders and long-term investors.
The family continues to back CEO Sean Summers and his leadership team, who are implementing Pick n Pay’s turnaround plan.
This includes closing or converting underperforming stores, streamlining operations, and refocusing on growth.
Summers himself was persuaded out of retirement to turn the company around.
By selling down in a structured way, the Ackermans are taking some money off the table while showing confidence in the company’s future.
Their ongoing involvement ensures that Pick n Pay has both financial backing and leadership continuity as it navigates a competitive retail market.
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