Choppies to invest a further $10m in Zim

Conrad Mwanawashe Business Reporter
CHOPPIES Zimbabwe will invest a further $10 million this year as the group targets to grow its local business. Chief executive Ramachadran Ottappath said in an interview that Choppies next store will be opened in the next two months.

“We will be opening our next store in March or April. We will be opening another 12 more stores in Zimbabwe,” said Mr Ottappath.

Operating under the belief that the economy has great potential of recovery and on the potential for the retail business in Zimbabwe and the prospects the country offers, Choppies Zimbabwe will invest more capital to increase its market share.

To this end, the group will invest another $10 million into its business this year.

So far the group has poured in about $35 million into the 18 stores in Zimbabwe with funds expected to be channelled as 40 more will be opened in the next three years with the group targeting an annual turnover of $350 million.

The group believes that there is still room for more players in the retail sector and once the economy starts picking up the retail sector will turnaround in a huge way, said Mr Ottappath.