adminOliver Kazunga Senior Business Reporter
Giant wholesale, Trade Power was a hive of activity yesterday as customers rushed to grab goods during a clearance sale amid speculation the company might be winding up operations in Bulawayo.
When Business Chronicle visited the wholesaler’s branch along Fife Street yesterday clients were jostling to buy a wide range of products that were being sold at 20 percent discount.
“Sorry, I’m not able to answer your questions, you better speak to our director, Mr R Chitrin,” said one of the managers at the branch, before giving this paper his director’s telephone numbers.
The same stampede was observed at the wholesaler’s Khami Road branch where some goods were being removed by forklifts from warehouse shelves.
Workers also refused to shed more light on what was happening referring questions to management.
Chitrin could not be reached for comment as the telephone numbers supplied were continuously engaged.
Recently, the wholesale closed one of its branches in the city situated at corner Jason Moyo and 6th Avenue.
Following the adoption of a multicurrency system in February 2009, Zimbabwe has been haunted by liquidity crisis among other challenges resulting in economic stagnation that has seen the country registering de-industrialisation.
Bulawayo, once the industrial hub of the country, has been the hardest hit with more than 100 companies shutting down in past few years.
Others have relocated to other parts of the country.
The manufacturing sector needs about $8 billion to restore productivity to competitive levels, experts say.
Limited foreign direct investment has also continued to haunt the country and scuttled revival efforts.
To that end economists have lobbied the government to prioritise attracting foreign direct investment in the 2015 national budget to reverse company closures and foster economic growth.
Online Reporter