Pick n Pay approves further expansion in Zimbabwe despite market turbulence
By Tawanda Karombo - Apr 12th, 08:58
Pick n Pay, under its joint venture deal in Zimbabwe, has approved an expansion programme in the troubled country despite waning consumer spending power and disturbances to operations in the past few months.
The South African grocer has a partnership with TM Supermarkets in the TM Pick n Pay chain, which has just opened a new store in Victoria Falls, bringing its outlets in Zimbabwe to 56.
TM Pick n Pay managing director, Malcom Mycroft has said: “Our expansion plan has already been approved by the board.”
Separate local reports quote Mycroft further stating that TM Pick n Pay “will keep investing in Zimbabwe” as the market “has been good to us and we are very happy with the way the brand has been embraced” by local shoppers.
TM Pick n Pay has been revamping and modernising some of its outlets in Zimbabwe to better stand competition.
Its rivals such as Zimbabwe Stock Exchange-listed OK Zimbabwe have also been face-lifting their stores. Other competitors in the Zimbabwe retail market include Choppies and Spar.
The Zimbabwean retailers have been battling a thriving informal sector while rising inflation – calculated at 59 percent for February 2019 – has meant that consumers have reduced their spending patterns.
Retailers have also been under pressure from the government to pick stock from local suppliers, although current foreign currency shortages have resulted in the government opening up the borders for imports.
Five things you need to know about the pharmaceutical industry
14/06/2019 - 11:10
The pharmaceutical sector - both locally and globally - is following suite with general retail and going through uncertain times. More consumers are shopping the basics with baskets of necessities only. As CEO of the Shoprite Group, Pieter Engelbrecht, said in response to their interim results (which speak for the average South African), “In the external operating environment, economic conditions have left the group's core customer under significant financial pressure.”
Zimbabwe's farmers smell the tea and coffee
14/06/2019 - 09:50
Farmers in Zimbabwe’s Eastern Highlands are smelling the tea and coffee.
Shoprite opens its first distribution centre in Botswana
13/06/2019 - 09:40
Shoprite Botswana recently opened its own world-class distribution centre (DC) in Taung, Gaborone.
British online fashion retailer Boohoo bucks subdued industry trend
13/06/2019 - 09:12
British online fashion group Boohoo bucked a tough retail market with robust sales growth in its latest quarter as its offer of cheap clothing, delivered quickly, chimed with shoppers.
Woolworths share price recovers on renewed optimism
13/06/2019 - 09:04
Shares in Woolworths have rebounded in recent weeks, thanks to a recovery in the sector and optimism that the worst may be over for the high-end retailer, whose foray into Australia has proven costly for investors.