Absa and Pick n Pay celebrate partnership of 50 years and beyond
Two of SA’s most famous brands work together to grow Pick n Pay’s business across Africa
A journey of a thousand miles begins with one step. In 1967, Raymond Ackerman, the driving force behind the company we know today as Pick n Pay, started the retail giant when he bought three small stores in Cape Town. The following year, Pick n Pay went public and listed on the JSE – with shares rocketing from R1 to R6.50 and reaching turnover of R5-million in the first year. Absa was there from the beginning as a supportive and trusted partner, and continues to be there as a partner of choice, now banking a retailer with turnover of R77.5-billion. Growth and expansion Over the past five decades, Absa has been a dedicated partner in helping Pick n Pay Group achieve its vision of expansion to 1,560 stores in South Africa, Namibia, Botswana, Zambia, Swaziland and Lesotho, as well as a significant share in TM Supermarkets in Zimbabwe. Zambia was the first country where Pick n Pay opened a store outside South Africa and its neighbouring countries – and Absa played a critical role in hel...
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