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While the government continues to spread the propaganda that the economy is on its revival path, Zimbabwe’s retail and wholesale sector is recording losses due to the worsening hyperinflation that has gripped the nation.
Raymond Ackerman, the founder of giant South African retail outlet, Pick n Pay, has passed away. He was 92. Ackerman founded Pick n Pay in Cape Town in 1967 and watched it become one of the biggest retail outlets on the continent.
JSE-listed entity, Pick n Pay, says its Rest of Africa half year to September earnings were 80 percent lower, weighed down by its Zimbabwe based operations.
South Africa’s Pick ‘n’ Pay has announced that its share of profit from its Zimbabwean associate partner TM Supermarkets declined by 6,3 percent in year end to March, attributing it to the currency and fiscal adjustments that the country went through over the course of the year.
An undercover security guard nabbed three individuals who were shoplifting at Pick n’ Pay Supermarket in Kamfinsa, Harare.
Pick n Pay blamed its revenue growth of seven percent to R79 billion on ‘disruption to trade’ due to refurbishing 62 stores and closing 12 underperformers during the 52 weeks to February 26. After tax profit grew a more impressive 17 percent to R1.2bn, and the grocery chain declared a final dividend of 146.4c, taking […]
Zimbabwe launched a “bond notes” currency which held its value against the US dollar on Monday, despite warnings that it could cause hyperinflation and suggestions it could bring down President Robert Mugabe. Formal businesses were told they had to accept the new notes as legal tender. Most did so though Zimbabweans circulated one cell phone […]
Shareholders of Meikles Africa, Pick n Pay’s Zimbabwean partner in retailer TM Supermarkets, are expected to vote next month for the final disposal of 10% of the group’s shares to an employee share ownership trust in pursuit of the group’s full compliance with the country’s indigenisation policy.