Pick n Pay Expanding Stores in Zimbabwe

Zimbabwe continues to attract investors eager to invest more in the country, embracing President Mnangagwa’s “Zimbabwe is Open for Business” mantra. Meikles Limited, the Zimbabwean partner of Pick n Pay, has announced plans to focus on new development projects for its supermarket divisions in the country. Pick n Pay, a South African grocery chain, through its Chairman John Moxon, announced an increase in the number of trading supermarkets in Zimbabwe, welcoming the newly introduced Zimbabwe Gold (ZiG) currency. This was revealed in its latest financial statement.

Despite reducing its footprint in South Africa due to sluggish performance, Pick n Pay has continued to expand its presence in Zimbabwe. This is a positive development considering that some companies are reportedly closing due to unfavorable economic conditions. John Moxon stated that the company is adapting to evolving economic conditions, including the new currency, ZiG, and will continue with planned development projects, primarily in the supermarket and properties segments. According to Moxon, revenue for TM/Pick n Pay stores in Zimbabwe increased by 102% in local currency terms over the year. This growth indicates compliance with the business environment in Zimbabwe and signals the welcoming business opportunities offered by the Second Republic.

Under President Mnangagwa’s leadership, the Second Republic has made significant efforts to open the country to foreign investors. The “Zimbabwe is Open for Business” mantra has facilitated foreign investment, with companies like Pick n Pay continuing to expand their operations. This development highlights the massive economic revival taking place in the country, despite opposition activists led by Nelson Chamisa failing to acknowledge it. President Mnangagwa is committed to ensuring that development reaches all corners of the country, leaving no one and no place behind.

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