Ackerman senior said he was not keen to leave and would have liked to stay on until he was 84 or 85, but he had had advice from a similar American company and had been convinced that he should hand over the reins while he was still healthy and not be forced to quit in a crisis.

"Don't wait until your health fails," he was told. "Show confidence in handing over to your successors - it's good for the share price."

The Ackerman family sees difficulties ahead for family-owned stores. Said Gareth: "Changes in global governance militate against family ownership."

His father added that BEE rules made running a family business especially difficult in this country.