The Ackerman family, founders of South Africa's second-largest grocery chain, Pick 'n Pay, has experienced a substantial decline in the market value of their investment. Over the past month, the family's stake in the retail giant has dropped by more than $36 million.
According to data tracked by Billionaires.Africa , the family's stake in Pick n Pay has declined by R645.83 million ($36.22 million) over the past 35 days, amid recent fluctuations in the group's share price on the Johannesburg Stock Exchange (JSE).
The recent decline contrasts with a previous gain of $13.9 million recorded from June 12 to July 5, when the family's stake increased from $167.15 million to $181 million.
Pick 'n Pay faces challenges amid strategic restructuringPick'n Pay, founded in 1967, remains a key player in Africa's retail sector with over 2,000 stores across eight African countries. Despite its prominence as South Africa's second-largest grocer after Shoprite, the company has been navigating through turbulent market conditions and strategic restructuring.
