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Pride Mahlangu, Business Reporter
CLOTHING retailer, Edgars Stores Limited, has unveiled plans to expand its branch network countrywide with Kadoma and Chegutu as main targets.
The Bulawayo-headquartered firm operates Edgars outlets, Jet, Edgars Financial Services and Carousel business units in Zimbabwe.
In a trading update for the 39 weeks ended September 6, 2019, the group chief executive officer, Linda Masterson, said the group recently opened a Jet Store in Banket, Mashonaland West, and has secured premises in Chegutu to open another store soon.
She also said plans were under way to open another store in Kadoma by end of this month.
“We opened a new Jet Store in Banket and secured premises for another Jet Store in Chegutu, which will open for Christmas trading,” she said.
“Edgars chain is returning to the Kadoma market and a new store will open there on Black Friday, 29 November 2019.”
In April the group re-opened its Jet Store in Kadoma and at that time it was hunting for a suitable premise to house its Edgars Store in the same town.
Masterson said the business was fully stocked to meet the festive season demand.
According to the trading report Edgars’ business units recorded a drop on unit sales by 25 percent compared to the same period last year while Jet incurred 23 percent drop. Carousel, which is a manufacturing unit, also saw its sales drop by nine percent. Only two percent of total sales were exports. However, the group received growth in Club Plus’ loan book size at $5.8 million being 58 percent growth compared to last year. Interest income for the period was $2.9 million being 189 percent increase from last year. Edgars has set its focus on more positive growth in the last quarter to December 2019. The group also said it was geared to take advantage of any opportunities that arise in the market. — @pridesinstinctz
Bongani Ndlovu
Online Reporter