04/10/2017 11:09 SAST | Updated 13/10/2017 12:57 SAST

The Key Ingredients To A Successful Marriage – In Business

Here is how Absa and Pick n Pay have made their partnership work for 50 years.

The key to a successful business partnership
The key to a successful business partnership

Support and trust each other - always

The journey of a thousand miles begins with a single step. This particular journey was started in 1967 with a tenacious Raymond Ackerman behind the wheel. What is now known as the retail giant Pick n Pay was started with three small stores in Cape Town.

Within a year, Pick n Pay went public and listed on the Johannesburg Stock Exchange (JSE), their share price rocketed from R1 to R6.50 and they reached a turnover of R5 million in that same year.

With the compliment of a supportive and trusted partner, Absa, the rising giant, Pick n Pay, now sees an annual turnover of R77.5 billion (as at end of February 2017).

'If you're not growing, what are you doing?'

With dedication and commitment, Absa has for the past five decades seen the Pick n Pay Group through its journey of expansion – including 1560 stores in South Africa, Namibia, Botswana, Zambia, Swaziland, and Lesotho, as well as a significant share in TM Supermarkets in Zimbabwe.

Absa is proud to have facilitated the growth of the retailer across African markets, through its established banking relationship - with Zambia being the first country that opened a corporate store outside of South Africa and its neighbouring countries.

The Pick n Pay Group continues to focus on delivering great quality at competitive prices, improving the overall shopping experience and serving its customers in a variety of store formats and channels by constantly adapting to their changing needs and aspirations.

While opening new stores and growing to meet the needs of its customers in South Africa, Pick n Pay is also exploring more opportunities to serve the needs of communities here and in Africa through its wide product range, affordable prices, great value, and community-rooted staff.

Pick n Pay's franchise model, underpinning a very important part of their growth, has seen small entrepreneurs enter the retail sector and run their own businesses right across South Africa.

Share similar values

Absa and Pick n Pay share a commitment to serving their communities and keeping the customer at the heart of the business. With shared value at the forefront, both companies strive for more innovations that will drive broader societal and economic growth in the country and on the continent.

Both companies also share the vision to encourage and enable small-scale entrepreneurs to become sustainable suppliers to the retail industry.

At the core of Absa Corporate and Investment Banking's value proposition lies the need to have a symbiotic and transparent relationship with clients, resulting in the partnership that Absa and Pick n Pay has enjoyed for the last 50 years.

To 50 years and beyond!