Whitey Basson

In 2019 Shoprite had revenue of R150 billion, market capitalisation of R114 billion, more than 2 300 stores and 140 000 employees across 15 African countries. Deloitte's Global Powers of Retailing 2019 survey (covering the 2017 financial year) ranked The Shoprite Group as the 86th largest retailer in the world.

On 5 May 2017, Shoprite announced that Basson was selling 8,58 million Shoprite shares with a value of R1,8 billion rands which the company was obliged to purchase in terms of an employment agreement completed in 2003. This figure represented less than 2% of the value of Shoprite. "I have no ambition to buy a big yacht or have a second wife or move the money out of the country," Basson said.

Basson remains active in other business activities. In 2017 he was appointed as one of the independent, non-executive directors of Clover South Africa.

Basson retired as the Managing Director and Chief Executive of Shoprite Holdings Ltd on 31 December 2016.

Basson retired as the Managing Director and Chief Executive of Shoprite Holdings Ltd on 31 December 2016. Following his retirement, Basson served for nine months on the Shoprite Holdings board as non-executive vice-chairman to ensure an orderly leadership transition. He was succeeded by Pieter Engelbrecht, former chief operating officer.

Basson's salary for 2016 was R100,1 million including a R50 million bonus. This was the subject of a protest action by COSATU on World Day for Decent Work 2016.

Under Basson's leadership, from 2010 Shoprite had become the single biggest South African grocery retailer with 34% market share.

Basson lives with his family on Klein DasBosch wine estate on the banks of the Blaauwklippen River in the Western Cape. In 2004 he participated in the Ice Bucket challenge and donated R100 000 worth of boerewors to schools for them to use in fundraising events. “We need to create jobs in South Africa ... but I also believe we need to teach our children how to be entrepreneurs and create more jobs from a young age,” Basson said.

During 2001, Basson devised a strategy to reposition the Checker's brand as close as possible to its higher LSM major rival, Pick n Pay. The Shoprite stores would then be focussed on the middle LSM's and a new chain called USave was created to focus on the lowest LSM's. USave had a cost structure that would allow it to reduce its gross margin by 50% while still offering good return on investment.

By 1998 Shoprite had branches in the remote North West and Mpumalanga provinces but was still considered too small to be competition to South Africa's major supermarket chains, Pick n Pay Stores, OK Bazaars and Checkers.

Basson dreamt of expanding Shoprite across the African continent. In 1995, the first Shoprite was opened in Lusaka, Zambia. In 2019 the group had stores in Angola, Botswana, Democratic Republic of Congo, Ghana, Kenya, Lesotho, Madagascar, Malawi, Mozambique, Namibia, Nigeria, South Africa, Eswatini, Uganda and Zambia. Stores in Egypt, India and Tanzania were not successful and had to be closed down.

In 1990 Basson approached Carlos Dos Santos and bought Grand Bazaars at what was considered an even better price than the original deal.

In 1986, Shoprite was listed on the JSE although its net asset value was the R1 million paid for the original eight stores and any accumulated profits. In 2019 Shoprite had secondary listings on the Namibian stock exchange (since 2002) and Zambian stock exchange (since 2003).

In 1984, Basson's first acquisition was the six Ackermans food stores, which at that point were owned by the Edgars Group. This was the company's entry point into the rural market. Basson and Raymond Ackerman (whose father had started Ackermans) were rivals and crossed paths for decades. Basson bought the food business at Ackermans food stores in the 1980's. Ackerman had run Checkers and had "so famously got fired from" it and had then gone and started Pick n Pay.

By 1981, Pep had grown to 500 stores, 10 factories, 12 000 employees and a turnover of close to R300 million. At this point Christo Wiese bought out van Rooyen's holdings in Pepkor and became the major shareholder. Wiese became the chairman of Pepkor. In 2014 Wiese sold Pepkor to Steinhoff International in exchange for about 20% of Steinhoff's issued shares.

In 1979 Basson wanted to move to trading fast-moving consumer goods and he reached an agreement with the board of Pep Stores which allowed him to either actively identify opportunities for acquisition of a food retailer or to start a new venture in food retailing. He found a small eight-store grocery chain in the Western Cape called Shoprite, still owned by the founding Rogut family, which he then acquired. "Barney Rogut was also fantastic to teach me food and he then taught me how to run a supermarket," said Basson.

In 1971 Basson was approached by Renier van Rooyen, who was married to a cousin of Christo Wiese, to become the financial director of the retail clothing chain that van Rooyen had founded called Pep Stores Ltd (or as it was locally known "Pep"). Van Rooyen was planning to list the company on the JSE as Pepkor. Basson agreed to join the company as financial director and in 1974 became head of operations. "At the tender age of 28 I should become the business director, or whatever we called it in those days," Basson said. In 1974 he was appointed to the board and remained a member until 2004.

He attained his BCom CTA from Stellenbosch University and completed his CA(SA) in 1970 after his articles at ER Syfret & Co (now Ernst & Young). He then went to work at Brink, Roos & Du Toit (now PricewaterhouseCoopers) and from mid-1970 and in 1971 he practised as a chartered accountant.

He went to school in Porterville and completed his secondary schooling at Rondebosch Boys' High School in Cape Town, where he matriculated in 1963. Basson first considered studying medicine. "I wanted to become a medical student, but my mother said I was afraid of blood, so I didn't." Basson said, "I actually got admitted to UCT, but I never went there."

James Wellwood ‘Whitey’ Basson (born 8 January 1946) is a South African businessman and billionaire who was largely responsible for growing a small business called Shoprite from an 8-store chain valued at R1 million into an international retail conglomerate with revenue in 2019 of R150 billion, market capitalisation of R114 billion, more than 2 300 stores and 140 000 employees across 15 African countries. Deloitte's Global Powers of Retailing 2019 ranked The Shoprite Group as the 86th largest retailer in the world.

Basson was born on 8 January 1946 on the family farm Dasbosch in the Porterville, Western Cape district to Jack and Maude Basson. He was one of three children.

The OK brand was created in Eloff Street, Johannesburg in 1927 but by 1997 the fortunes of OK Bazaars had waned to such an extent that the sole shareholder, SA Breweries, disposed of its stake in OK Bazaars to Shoprite for R1, despite the market cap of OK Bazaars being much larger than that of Shoprite. The deal gave Shoprite 139 'OK' stores, 18 'Hyperamas' and 21 'House & Homes' and saved 14 000 jobs.