Pick n Pay approves further expansion in Zimbabwe despite market turbulence
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.