The best-performing food retail CEOs in South Africa – the winner is clear

Shoprite CEO Pieter Engelbrecht is the best-performing chief exec among South Africa’s grocery retailers based on his company’s share price performance.

Over Engelbrecht’s nine-year tenure as Shoprite CEO, the company’s share price has risen by 79.76%.

This was revealed in an analysis undertaken by Daily Investor, which compared the share price performances of JSE-listed grocery retailers under their respective CEOs.

Shoprite’s share price performance under Engelbrecht beat out the returns seen over the tenures of Pick n Pay CEO Sean Summers, Spar CEO Reeza Isaacs, and Woolworths CEO Sam Ngumeni.

It is also the highest return compared to these retailers’ former CEOs, including Woolworths’ Roy Bagattini and Spar’s Angelo Swartz.

It should be noted that Engelbrecht had the advantage of time, having led the biggest retailer in South Africa since January 2017.

This means his tenure has spanned more than nine years, compared to other retail CEOs whose tenures at the helm have been much shorter.

For example, the second-longest-serving CEO in this analysis was Bagattini, who led Woolworths for six years, from February 2020 to May 2026.

Two of the CEOs included in this analysis have served for less than a year, namely Woolworths’ Ngumeni and Spar’s Isaacs. Both of them only took the helm in 2026.

To make the comparison fairer, Daily Investor included the former CEOs of these retailers.

The analysis showed that only three retail CEOs achieved positive share price growth in their tenures. These three CEOs are:

• Shoprite CEO Pieter Engelbrecht: up 79.76%
• Boxer CEO Marek Masojada: up 25.98%
• Former Woolworths CEO Roy Bagattini: up 9.17%

All other CEOs included in the analysis saw their companies’ share prices decline during their tenures.

The biggest decline was Spar under Isaacs’ leadership. From March 2026, when Isaacs took over, to today, Spar’s share price has declined by 37.26%.

South Africa’s food retail landscape

The results of Daily Investor’s analysis are unlikely to be surprising to many analysts or investors interested in the food retail sector.

Over the past decade, Shoprite has emerged as the clear leader, with a market share between 30% and 35%, according to the United States Department of Agriculture.

South Africa’s grocery retail sector is also highly concentrated, with five players accounting for 60% of all food sales at retail establishments.

These five retailers are Woolworths, Walmart-owned Massmart, Spar, Pick n Pay, and Shoprite.

Even Boxer, a relatively new entrant to the JSE-listed food retail grouping, has been operating in the sector since the group’s founding in 1977.

Previously, it was reported as part of Pick n Pay, but this changed in November 2024, when Boxer was spun out and separately listed on the JSE.

Since its listing, Boxer has taken the market by storm. Daily Investor’s analysis showed that the retailer is one of the few to have seen a positive share price return under its current CEO.

The highly concentrated nature of South Africa’s food retail sector means the major players have had to become increasingly competitive and innovative to set themselves apart.

In this regard, Shoprite has been at the forefront, with its highly successful Sixty60 delivery service leading the charge.

Over the same time, Pick n Pay and Spar have struggled financially, with both retailers currently implementing turnaround strategies.

Woolworths’ South African food business has performed well, though it has come under pressure due to struggles in its Australian division.

The effects of these struggles and Shoprite’s clear dominance are evident in the retailers’ share-price performance.

The CEOs leading struggling retailers have seen the worst share price performances in their tenures, which can be seen in Daily Investor’s analysis below.

Daily Investor’s analysis

Share prices were captured after market close on Thursday, 13 August.