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Retail group Choppies may give its Zimbabwe operations the chop
By our African Marketing Confederation News Team | 2024
Botswana-based supermarket group says it is ‘evaluating’ operations in Zimbabwe, where it has 30 outlets and employs more than 1,000 people.
Choppies, the Botswana-based supermarket group, is said to be considering an exit from the Zimbabwe market due to the instability of the Zimbabwe Gold (ZiG) currency introduced in April to replace the Zimbabwe dollar as the official domestic currency.
According to media reports within the country, the resulting poor performance of the chain’s Zimbabwe operations is putting a strain on the financial performance of the group as a whole.
Nanavac Investments (Pvt) Limited, trading as Choppies Zimbabwe, is wholly owned by the group.
Group says it will ‘address the situation’
“The new ZiG currency, which replaced the Zimbabwean dollar, has not as yet helped to stabilise the economy, and consequently the Zimbabwean operation has experienced a decline in performance. We are evaluating our operations in the country and will address the situation,” the company states in its annual report for the period to 30 June 2024.
Photo by David Gomes from Pexels
“The long-term focus of our strategy is to reduce debt. We have exited all loss-making areas apart from Zimbabwe, which is something we are currently considering. We are also looking into expansion plans throughout the group,” Ramachandran Ottapathu, the Choppies CEO, said“The economic challenges in Zimbabwe including high inflation, high unemployment levels, and a shortage of foreign currency continued to impact our operations. Due to the continued risk posed to the group, the company is weighing various options in Zimbabwe given the stress on the group’s financials.”
According to NewsDay, the Harare-based daily newspaper, Choppies has 30 stores and employs 1,051 people.
Using the official exchange rate
Comments Trendtype, the London-based emerging markets consultancy: “The issue for supermarket chains in Zimbabwe is that they are forced to use the official exchange rate, unlike informal retailers.
“Supermarket chains also complain that they are also overburdened with regulation, taxes and regulatory fees, all of which also add to the retail selling price of goods. By contrast. informal traders often buy direct from manufacturers in USD, can sell in USD, and many avoid taxes.”
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