Ackerman familys Pick n Pay stake lost nearly 14 million in 11 days amid operational struggles and intense retail competition.
Pick n Pay shares have slumped 7.16 since May 2, dragging market value below 1 billion, a key level for investors.
Year-to-date, the stock is down 13.42, underperforming both Shoprite and the broader JSE All Share Index.
The Ackerman family, founders of South Africas Pick n Pay Stores Ltd., have watched nearly 14 million wiped off the value of their stake in the retailer over the past two weeks, as the company continues to grapple with mounting operational challenges and fierce competition.
Their 16.71-percent stake, amounting to 124.68 million shares, dropped in value from R3.57 billion 194.89 million on May 2 to R3.13 billion 180.94 million by May 13. Thats a loss of R255.59 million 13.95 million across just 11 days, reversing nearly all the gains made in April.
In that earlier stretch, the family's stake had climbed by 19.35 million between April 4 and April 18, rising from 161.19 million to 180.54 million. The recent dip highlights just how unstable the companys share price has become, a reflection of the growing pressure facing one of South Africas most recognizable retail names.
Market turbulence hits Pick n Pay stakeholdersPick n Pay, founded in 1967, remains a key player in Africas retail sector with more than 2,000 stores across eight African countries. Despite its prominence as South Africas second-largest grocer after Shoprite, the company has been navigating through turbulent market conditions and strategic restructuring.
Shares of Pick n Pay have dropped 7.16 percent in the last 11 days, sliding from R28.63 1.56 on May 2 to R26.58 1.45 on May 13. This recent slump has dragged the companys market capitalization below the 1-billion mark, a psychologically significant level for institutional investors and portfolio managers focused on South African equities.