Zimbabwe Stock Exchange-listed diversified entity Meikles Limited is this week set to unveil is its second state-of-the-art Pick ’n’ Pay supermarket bringing to two such branches in the country.
Business Reporter
It will also open two new TM supermarkets branches in line with its expansion plans.
The first Pick ’n’ Pay Supermarket was opened in June this year. Pick ’n’ Pay is one of Africa’s largest and successful retailers of food, general merchandise and clothing.
Meikles finance director Onias Makamba told NewsDay last Friday that Pick ’n’ Pay Kamfinsa had so far performed well.
He said similarly, TM Borrowdale had recorded a good performance. “We will be opening Pick ’n’ Pay Westgate on Wednesday or Thursday at the place where there was TM Supermarket,” said Makamba.
“We will then open TM Chinhoyi and Hwange this month as well.” Last month, Justice minister Patrick Chinamasa discounted the economic benefits brought about by the retail giant’s investment in the country.
Chinamasa said the participation of foreign-owned retail chains on the domestic market would not grow the economy on the back of a ballooning import bill.
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“There is no reason why we should applaud foreign direct investment into the retail sector or wholesale sector or fuel procurement sector and ginning of cotton to give just a few examples,” Chinamasa said.
“I don’t think foreign direct investment should be entertained in these sectors. The coming into the country (for instance of) Pick ’n’ Pay, if I may just give one example, is not the kind of foreign direct investment that would be in the interest of the country. If you visit any Pick ’n’ Pay outlet, you will find out that 99% of the stock is imported from South Africa.”
