In Memory Of Raymond Ackerman: Navigating His Entrepreneurial Journey and Multibillion-Rand Wealth
On September 7, 2023, the world bid farewell to Raymond Ackerman, an esteemed South African entrepreneur, philanthropist, and author.
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Raymond Ackerman, the visionary founder of the Pick ‘n Pay supermarket group, one of Africa’s largest retail chains and owner of Ackermans clothing stores, passed away at the age of 92. As of 2023, his net worth was estimated at an impressive R9.6 billion.
A trailblazer in South Africa’s business landscape, Ackerman was not only one of the country’s wealthiest individuals but also a revered retailer who championed consumer empowerment and social responsibility.
The Genesis of Raymond Ackerman’s Wealth: Pick ‘n Pay and Ackermans
Born on March 10, 1931, in Cape Town, South Africa, Raymond Ackerman hailed from humble beginnings. His father, Gus Ackerman, an immigrant from Lithuania, founded Ackermans clothing stores in 1916.
Raised in a modest home, Raymond imbibed his father’s values of hard work and integrity. He pursued a commerce degree at the University of Cape Town, graduating in 1951.
After graduation, Ackerman joined the Greatermans group as a trainee manager. His dedication and determination led him to become the managing director of Checkers, a Greatermans-operated food retailer.
Under his stewardship, Checkers expanded to 85 stores across South Africa, introducing pioneering concepts like centralised procurement, trading stamps, and affordable pricing.
In a pivotal moment in 1966, Ackerman was dismissed by Greatermans for refusing to participate in price-fixing collusion with rival retailers. Undeterred, he used his severance pay and a bank loan to purchase four small Pick ‘n Pay stores in Cape Town, transforming the struggling chain into a thriving supermarket group.
Ackerman’s philosophy emphasized customer satisfaction, employee empowerment, and community engagement, famously encapsulated by the slogan “the consumer is king.” He invested in staff training, profit-sharing programs, and community development initiatives.
Under his leadership, Pick ‘n Pay expanded its footprint nationally and internationally, venturing into countries like Zimbabwe and Australia. Ackerman also diversified his business interests, delving into banking, insurance, travel, and liquor sectors. Amidst fierce competition from rivals like Shoprite and Woolworths, he maintained a loyal customer base and a sterling reputation.
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In 2010, Ackerman retired as the chairman of Pick ‘n Pay, passing the torch to his son, Gareth Ackerman, while continuing his involvement as a non-executive director and significant shareholder. He authored several books, sharing insights into his life and business philosophy.
His Legacy
Raymond Ackerman’s legacy extended beyond his immense wealth. He was a philanthropic force, generously supporting causes spanning education, healthcare, the arts, sports, and environmental conservation.
In 1979, he established the Raymond Ackerman Foundation, dedicated to funding various charitable projects and initiatives. His philanthropic endeavours reached prestigious institutions like the University of Cape Town, where he established the Raymond Ackerman Academy of Entrepreneurial Development.
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Ackerman was also a passionate advocate for democracy, human rights, and social justice in South Africa, actively opposing apartheid and advocating for a multiracial society. His contributions earned him numerous accolades, including the Order of the Baobab conferred by former President Nelson Mandela in 2000.
In addition to his philanthropic legacy, Ackerman left behind a family fortune valued at approximately R5 billion on the Johannesburg Stock Exchange (JSE) in 2023. His son, Gareth, possesses a substantial 25.92% stake in Pick ‘n Pay, a company with a market capitalization of nearly R19 billion.
His other three children, Suzanne Ackerman-Berman, Jonathan Ackerman, and Wendy Ackerman, remain involved in both business and philanthropic endeavours.
Raymond Ackerman is survived by his wife, Wendy Ackerman, whom he married in 1954, four children, ten grandchildren, and two great-grandchildren.