Meikles banks on first branded Pick n Pay store in Zimbabwe
HARARE — Pick n Pay’s first branded store in Zimbabwe is expected to boost the sales of its local partner, Meikles, which on Thursday reported a 15% rise in turnover for the June quarter.Pick n Pay has invested about $13m into TM Supermarkets and opened its first branded store in Zimbabwe in June, raising its stake in TM Supermarkets to 49% while Meikles has retained a majority stake of 51%."Growth in turnover was registered in TM Supermarkets and Tanganda. The new (Pick n Pay) branch has been well received by customers and has done exceptionally well to date," Meikles said in an interim management report on Thursday. Tanganda is a tea growing and processing company which also bottles mineral-water products.The company said three more Pick n Pay branded stores will be opened in Zimbabwe before the end of this year, while the uplift in turnover for the supermarket chain was expected to "continue" as more branches were refurbished and rebranded.The quick growth registered by Zimbabwe’...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.