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Zimbabwe’s struggling formal retail sector sees more branch closures
By our African Marketing Confederation News Team | 2025
OK Zimbabwe, a household name in local retail, closes branches as Confederation of Zimbabwe Retailers calls for urgent interventions.
The difficulties in Zimbabwe’s formal retail sector continue, with long-standing local retail chain OK Zimbabwe recently announcing the closure of five branches.
Photo: OK Zimbabwe via Facebook
Among the other retail groups that have struggled in recent times are Spar and Choppies, as well as wholesalers such as N Richards Group and Mahommed Mussa Wholesalers.
Reports from various Zimbabwean media outlets say the branches that have closed are Robson Manyika, Glen Norah, Kuwadzana Express, and Mbare (all located in Harare), plus the Chitungwiza Town Centre branch.
According to the website Zimpricecheck, a sixth branch is also scheduled to be closed in March.
“These are significant closures for a company that has long been a cornerstone of Zimbabwean retail,” the website comments.
“The problems facing OK Zimbabwe are not isolated. The company is facing considerable headwinds, with other retailers finding the trading environment just as difficult.
“The closure of these five branches, which had been struggling, are a symptom of a much deeper malaise. A combination of monetary policy, rising overhead costs, changing supply chains, and competition from the informal sector has created a perfect storm for formal retailers.”
Confederation of Zimbabwe Retailers expresses its concern
The Confederation of Zimbabwe Retailers is already on record as saying that the struggles in the sector are “worrying”.
It has called for “urgent and strategic interventions to abate a gradual demise of the formal retail sector to protect jobs and ensure a stable economic environment,” Business Weekly (Zimbabwe) reported last Friday, 7 February 2025.
Zimpricecheck says informal retailers provide the biggest challenge. “These traders often deal primarily in USD cash, and this allows them to offer lower prices. They do not deal with the banking system, where online payment options are expensive for customers, due to government-imposed taxes like the [IMTT] tax.
“Informal retailers can also dodge the burden of fiscalisation and taxes, allowing them to be far more competitive. In many instances customers are happy to accept this.”
The Intermediated Money Transfer Tax (IMTT) tax chargeable on financial transactions which happen through transfers.
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