Ackerman family’s Pick ‘n Pay to close Fourways store

Pick ‘n Pay, one of South Africa’s leading retailers and partly owned by the Ackerman family, will close its Fourways store as part of a wider reshaping of its retail and property operations.

The decision follows Accelerate Property Fund’s recent sale of the Buzz Shopping Centre and Waterford Centre in Fourways, Gauteng, for a total of R215 million ($12.2 million). The moves reflect the growing pressures on South Africa’s retail and commercial property sectors, where tenant performance and financial realities increasingly shape strategic decisions.

Accelerate sells malls as Pick ‘n Pay weighs exit

As Accelerate Property Fund restructures its portfolio to manage debt tied to former CEO Michael Georgiou’s entities, Pick ‘n Pay faces the choice to vacate or renegotiate its lease with new landlords.

Despite generating a combined net operating income of R28.7 million ($1.6 million) for the year ending March 31, 2025, the Buzz and Waterford Centres are being sold amid mounting financial pressures and Pick ‘n Pay’s planned exit as the anchor tenant. The disposal yield for the Buzz, based on one-year forward net income from April 1, 2025, stands at 9.5 percent.

In other news, KwaZulu-Natal’s Shelly Centre, home to Woolworths, Pick n Pay, Mr Price, Clicks, Edgars, and multiple banks, is being sold to Trident, a property investor with assets in South Africa, Australia, and the U.K.

Mixed-use developments in South Africa

The sale reflects Accelerate’s broader strategy to stabilize finances, optimize its portfolio, and focus on core, high-performing properties. In June, Pick ‘n Pay led a strategic downsizing to boost efficiency and profitability as part of ongoing modernization in South African retail.

To mitigate the impact, mall operators may pursue conversions, franchise adjustments, or new retail partnerships. Some properties could also be repositioned for mixed-use or community-focused purposes—a trend already gaining traction in Europe and the U.S., where retail increasingly blends shopping, offices, and residential units.

Pick n Pay’s evolving footprint

Pick n Pay remains South Africa’s second-largest grocery chain after Shoprite, with over 2,000 stores across eight African countries. The Ackerman family holds a 25.53 percent stake, underscoring confidence in the company’s strategy amid structural shifts in retail and property.

While closing its Fourways store may impact revenue, Pick ‘n Pay is focusing on profitable outlets and franchise conversions to boost efficiency. Together, these moves highlight a broader push across South Africa’s retail and property sectors toward efficiency, adaptability, and growth.