Tinashe Makichi Business Reporter
Zimbabwe Stock Exchange-listed group Meikles Limited’s retail arm, Meikles Mega Market will soon open a branch in Gweru as it looks to extend its forays further into the lower end of the market.
The group recently opening another branch in Masvingo while seven additional sites will be opened across all cities in the country.
In an interview with the Herald Business yesterday, MMM general manager Mr Panganai Ngorima said the holding company has set sights on expanding its retail business to cater for the lower end of the market.
“The move is part of the group’s strategies to boost revenue and unlock shareholder value.
“Already two units have been opened in the capital where we want to cater for all classes of the society and the other branch was opened two weeks ago in Masvingo,” said Mr Ngorima.
“We are eyeing the Gweru market and plans are still in the preliminary stages but that is our target at the moment and this new concept will service and support the lower end of the market.”
More units are set for Mutare among other cities, as the company rolls out strategies to cater for workers who were almost retrenched at the department stores division last year.
There will be further rationalisation of the departmental stores together with a drive to create greater values in the group’s properties.
“Our mass market concept has been performing very well despite disposable income challenges faced by our consumers and we will not stop to invest,” said Mr Ngorima.
Last year, Meikles Department Stores announced its intention to retrench about 55 workers a decision which was later reversed after the new Meikles Mega Market accommodated the workers.
In a statement last year, Meikles Limited chairman Mr John Moxon said that due to liquidity constraints, capital expenditure and working capital requirements the group will continue to roll out new units to unlock shareholder value.
Mr Moxon said substantial funding requirements were put in place to make sure MMM becomes a great success in the highly competitive retail industry.