Raymond Ackerman, Founder of Pick n Pay, Passes Away

The Pick n Pay founder has passed away. South Africa mourns the loss of a true retail visionary, Raymond Ackerman, at 92.

In a poignant statement, Pick n Pay described Raymond Ackerman as a “visionary entrepreneur, humanitarian, and a great South African.” news24 reports that his passing marks the end of an era for the country’s retail industry. He leaves behind a legacy that profoundly shaped how South Africans shop.

Raymond Ackerman’s journey to retail prominence began in Cape Town, where he was born and raised. He matriculated from the Diocesan College (Bishops). Sometime later, he earned a commerce degree from the University of Cape Town.

His career took root at Ackerman’s, a retail chain founded by his father, Gus Ackerman. However, in 1946, the chain was sold to Greatermans, which would eventually launch the supermarket group Checkers. Raymond Ackerman was named CEO of Checkers in 1959. However, his tenure was short-lived due to clashes with the Greatermans board, leading to his dismissal seven years later.

Undeterred, Raymond Ackerman embarked on a remarkable journey in 1967 when he purchased four Cape Town stores, known as Pick n Pay, with the support of investors. This action marked the beginning of a retail empire that would rapidly expand. In a milestone moment for South African retail, Ackerman inaugurated the nation’s first hypermarket, a sprawling 22,000m² store, in Boksburg in 1975.

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Raymond Ackerman was famous throughout his career for pioneering innovative retail practices, such as introducing “no name” food brands and in-store banking. He was also a prominent advocate for the deregulation of the petrol price.

By the time he stepped down as CEO in 1999, Pick ‘n Pay had achieved a turnover exceeding R1 billion. Today, the retail giant boasts a market capitalisation of R17 billion, with stores across South Africa and throughout Southern Africa.

Raymond Ackerman’s influence extended far beyond the boardroom. Together with his wife Wendy and their four children – Suzanne, Kathryn, Jonathan, and Gareth – he was deeply committed to numerous philanthropic causes. They established a trust that funds educational courses and supports community upliftment and entrepreneurial programs.

In a reflective piece penned on his 90th birthday in 2021, Ackerman acknowledged the significant challenges facing South Africa but remained steadfast in his belief in the country’s resilience. He saw hope in how people persevered and cared for one another, even amid the most trying circumstances.

With the passing of Raymond Ackerman, South Africa loses not only a retail luminary but a symbol of optimism and determination, a legacy that will endure in the nation’s history.

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Picture: X / DeNedebe1

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