While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
Zimbabwe-based Simbisa Brands plans to open 92 new outlets this year
By our News Team | 2023
In the short to medium term, the primary growth markets will be Kenya and Zimbabwe, company advises its shareholders.
Simbisa Brands Limited, the Zimbabwe-based quick-service restaurant group, recently announced that it plans to open 92 new outlets in the coming year at a total cost of around US$22-million.
The company’s QSR brands include Nando’s, RocoMamas, Steers, Chicken Inn, Pizza Inn and Ocean Basket. It operates primarily in Zimbabwe, but also in Kenya, Zambia, Ghana and Mauritius.
Photo credit: Simbisa Brands
“Simbisa Brands Limited sees significant growth opportunities in its largest markets for its flagship brands,” the company’s Chairperson, Addington Bexley Chinake, said in a statement for the 12 months ended June 30, 2023.
“The group has invested in talented leaders to lead these brands and has recruited skilled personnel to ensure quality, consistency, and innovation within its franchising division.”
He added: “Additionally, the company is exploring value-creating initiatives with partners throughout its value chain. These strategic moves aim to fuel further growth and expansion for Simbisa Brands Limited. There will be a continuous strategic review of operations in all the smaller markets.”
Certain business headwinds remain
Although Simbisa is on a growth path and sees significant potential for its brands, it concedes its business was affected by soaring inflation, volatile exchange rates, uncertain economic policies, and energy deficiencies during the period under review.
Consequently, several underperforming outlets were closed during the previous financial year and a further nine outlets, representing “non-core brands” are to be closed this year.
“In the short to medium term, the primary growth markets will be Kenya and Zimbabwe,” Chief Executive Officer, Basil Dionisio, said. However, Simbisa remains vigilant of new growth opportunities in existing and potential new markets and continues exploring business development options.”
Simbisa is a major fast-food player in African markets and is owned by Innscor Africa, a light manufacturer of fast-moving consumer goods operating from Harare.
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