Zimbabwe retailers adopt survival strategies or close
Government is preparing to introduce local bond notes at month-end, although this has been challenged in court
Retailers and wholesalers in Zimbabwe - among them Pick n Pay, OK Zimbabwe and Spar - are adopting various strategies to cope with economic hardships afflicting the country, with businesses raising prices, closing shops or trying to clear stock by offering big discounts. This comes as the government is preparing to introduce local bond notes at month-end, although this has been challenged in court by Zimbabwe Lawyers for Human Rights. Zimbabwe's annualised inflation (essentially deflation) rate for October improved by 0.37 percentage points to minus 0.95%. Some businesses such as wholesalers and petrol stations are offering discounts for cash purchases as the country battles a cash shortage. "When you want to import, the bank asks you to bring hard cash ... to deposit before they can make the transfer. Some businesses have resorted to 'buying' cash at a premium that is then passed on to consumers [thus pushing up prices]," Denford Mutashu, president of the Confederation of Zimbabwe ...
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