News headlines around the world announced the passing on of Mohamed Al-Fayed and Raymond Ackerman days apart, marked their passing as a great loss but their legacy will live on in not only the lessons they taught us but the lives they touched.
Mohamed Al-Fayed, the former owner of Harrods department store in London and the father of Princess Diana’s boyfriend Dodi Fayed, died on Wednesday, 30th of August at the age of 93. Raymond Ackerman, the founder of Pick n Pay supermarket group in South Africa, died on Wednesday 6th of September at the age of 92.
Mohamed Al-Fayed and Raymond Ackerman are two names that have left an indelible mark on the world of retail. Both men rose from humble beginnings to become successful entrepreneurs and philanthropists, who transformed the businesses they acquired and influenced the lives of millions of customers and employees.
Overcoming All Odds to Build a Billion-Dollar Empire
Mohamed Al-Fayed was born in 1929 in Alexandria, Egypt, to a poor teacher. He moved to London in the 1960s and became involved in various ventures, including shipping, oil and property. In 1985, he and his brother Ali bought House of Fraser, the owner of Harrods, the iconic department store in Knightsbridge. The deal was controversial and faced opposition from the British establishment, who questioned Al-Fayed’s origins and sources of wealth.
Al-Fayed transformed Harrods into a global destination for luxury shopping, attracting celebrities, royals and tourists from all over the world. He invested millions of pounds in renovating and expanding the store, adding new features such as a memorial to his son Dodi and Princess Diana, who died in a car crash in Paris in 1997. He also diversified his portfolio into other sectors, such as hotels, media and football. He sold Harrods to Qatar Holdings in 2010 for £1.5 billion.
Al-Fayed’s legacy is not only that of a shrewd businessman, but also that of a generous benefactor. He donated millions of pounds to various causes, such as children’s health, education and arts. He also supported causes related to Egypt, such as restoring ancient monuments and promoting cultural exchange. He established the Al-Fayed Charitable Foundation, which supports projects that improve the lives of disadvantaged people.
Building a Retail Empire on Customer Service
Raymond Ackerman was born in 1931 in Cape Town, South Africa, to a Jewish family of modest means. He started his career as a trainee manager at Pick n Pay, a small chain of grocery stores, and quickly rose through the ranks to become the managing director. In 1967, he was fired by the board for his customer-oriented policies, such as offering discounts and loyalty schemes. Undeterred, he bought four stores in Cape Town and renamed them Pick n Pay, expanding them into a nationwide empire that now has over 1,800 outlets in seven countries.
Ackerman’s vision was to create a business that served the interests of the consumer, the worker and the society. He introduced innovations such as fresh produce, bakeries, pharmacies and financial services within his stores, as well as supporting local farmers and suppliers. He also championed social causes such as anti-apartheid activism, environmental sustainability and corporate social responsibility. He donated millions of rand to various charities and foundations, and established the Ackerman Family Educational Trust, which provides scholarships to underprivileged students.
Raymond Ackerman and Mohamed Al-Fayed are two examples of how retail can be more than just selling goods and services. They show how retail can be a force for good, creating value for customers, employees and society at large. They also demonstrate how retail can be a vehicle for personal growth, overcoming challenges and achieving dreams.
What can we learn from these two remarkable businessmen?
• Customer satisfaction is the key to success. Both Al-Fayed and Ackerman understood the needs and wants of their customers and delivered value beyond their expectations.
• Innovation is essential for growth. Both Al-Fayed and Ackerman introduced new ideas and concepts that differentiated their businesses from their competitors and created loyal customers.
• Social responsibility is good for business. Both Al-Fayed and Ackerman used their wealth and influence to support various causes that improved the lives of many people and communities.
• Passion is the fuel for achievement. Both Al-Fayed and Ackerman had a passion for their businesses and pursued their goals with determination and enthusiasm.
• Resilience is the ability to overcome adversity. Both Al-Fayed and Ackerman faced many challenges and setbacks in their careers but never gave up or lost hope.
Mohamed Al-Fayed and Raymond Ackerman are two inspiring examples of how to succeed in business with integrity, creativity and courage. We salute these two remarkable men who made a difference in the world of business and beyond. May they rest in peace.
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About Shantall Ramatsui
Shantall Ramatsui is the founder and Chief Implementation Officer of a South African based enterprise development agency, Shantui Solutions. She has 15 years of experience in marketing, business development, public relations and management. She has also contributed to several business organisations and state-owned entities as a board member, committee member and executive team member.
Shantall is dedicated to supporting SMMEs and helping them grow into profitable and sustainable businesses and has secured partnerships for this initiative. She also volunteers for community development programmes and serves in the Reserve Force of the South African Air Force. She also supports organisations that implement the National Strategic Plan on Gender-Based Violence and Femicide in South Africa.
Shantall enjoys playing golf in her spare time and participates in social and amateur professional games.
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