BULAWAYO, — Zimbabwe’s second largest retail chain TM Supermarkets says it will complete its rebranding exercise over the next five years after South Africa’s Pick’n’Pay invested $25 million into the business in a bid to grow its market share.
With revenues declining in the face of competition from other retailers, Meikles has embarked on an aggressive drive to grow its retail branch network, diversifying its business to boost revenues.
Pick’n’Pay, which holds a 49 percent interest in TM, last year invested $25million to refurbish 50 outlets across the country.
Last week, TM Hypermarket in Bulawayo was re-branded to Pick’n’Pay at a cost of $2 million, officials said.
Pick’n’Pay managing director, Dharmalingum Dass told The Source on Monday that the refurbishment programme will take five years to complete.
“This is an ongoing programme for the next five years. We will also be looking to upgrade our TM stores as well. The economy is extremely tough and unemployment is high and we see the status quo being maintained with limited growth. Sales are currently doing well and we are achieving just over double digit growth,” Dass said.
Pick’n’Pay also has a presence Mozambique, Zambia and Malawi.-The Source