TM Supermarkets will this year invest $10 million to expand and give its retail outlets a face lift as the group positions to grow market share.
By Victoria Mtomba
Managing director Dave Mills told NewsDay that the company is working on the operation which will see the supermarket sharing premises with a local hardware company Union Mart.
The TM Liquor is operational at TM Msasa complex.
“We will be sharing the complex with Union Mart and we will be using the concept developed in Europe that will see us occupying 4 500 square metres, while Union Mart will use the other 4 500 square metres. We are planning to open early March and will employ between 60-70 employees,” Mills said.
The concept will see a supermarket and hardware sharing premises.
Mills said the company will open three more branches this year and success has been noted in TM Pick ‘n’ Pay outlets that were opened last year in the country.
“We accessed the $10 million loan from a local bank as TM independently and it has a tenure of three years,” he said.
Mills said for the retail sector, 2013 was a static year in terms of revenues. The country is faced with liquidity challenges that have made it difficult for customers to purchase goods. The company has 52 supermarkets and is among the major retail players countrywide.
“In 2014, we plan to enhance our offering so that we can enjoy growth driven by refurbishments,” he said.
The retail chain will be continuing this year with refurbishments that it started in 2012. Pick ‘n’ Pay received approval from the Reserve Bank of Zimbabwe, Competition and Tariff Commission and Ministry of Youth Development, Indigenisation and Empowerment to up its stake in TM Supermarket to 49% last year.
TM Supermarkets is part of the Meikles Limited Group, a listed conglomerate on the Zimbabwe Stock Exchange.
The group also includes Tanganda, Thomas Meikles, Meikles Guard Services and Meikles Hospitality.