The chairman of one of South Africa’s leading supermarkets on Wednesday said despite his retirement he will still be watching the family business like "a hawk".

Pick ’n Pay founder Raymond Ackerman officially handed over the reins to his son Gareth on Wednesday.

His retirement announcement coincides with his birthday.

He says he will be taking a deserved break with his wife Wendy. However, Ackerman admitted it will be difficult not to be involved in the business once he gets back from holiday.

The businessman said Pick ’n Pay’s core family values and the principle of putting the customer first have to be maintained.

He added that although the economic climate was tough he expected the situation to improve by the end of the year.