South African grocery retailer, Pick n Pay has disclosed plans to exit Nigeria.
The Chief Executive Officer of Pick n Pay, Sean Summers who announced the development on Monday, October 28, 2024, said the company would sell its 51 share of a joint venture as part of plans to restructure outside of its home market.
The retailer has two stores in Nigeria, having entered the market in the country less than five years ago through a partnership with A.G. Leventis (Nigeria).
Founded in 1967 as a family controlled business with four small stores in the Western Cape, Pick n Pay listed on the JSE the following year.
Pick n Pay Group is managed through three divisions; each with their own management boards: Pick n Pay Retail Division; the Group Enterprises Division; and Franklins Australia. It has a total of 782 stores in 2009, including 82 stores in Australia.
The founder of the chain is Harry Goldin. Raymond Ackerman purchased the small chain of supermarkets from Goldin, and went on to develop Pick n Pay into South Africa’s largest supermarket group.
Ackerman is still the chairperson of the group. He is also well known for his philanthropic activities.
