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Business Reporters
Old Mutual’s $22 million complex for small to medium enterprise shopping, will be completed in 18 months, group chief executive Mr Jonas Mushosho has said.The one-stop-shop complex is being developed diagonally opposite the Eastgate Shopping Mall will boast 11 823 square metres of prime retail space configured to accommodate a diverse range of SMEs business models under one roof. It will be the first of its kind in Zimbabwe and Sub Sahara Africa.
Speaking at the ground breaking ceremony on Monday, Mr Mushosho revealed that this was part of the group’s initiative to remodel its business to accommodate the emerging SME sector.
Investing towards the SME sector, Mr Mushosho said, was confirmation of the group’s recognition of the role the sector is playing in the economy.
“Completion of this project should be by April 2018, we expect high quality product, completed on time and on budget.
“We have seen changes in business cycles; we have seen capacity utilisation declining in industry and people finding a place in the informal sector.
“Old Mutual is aware of the lack of convenient premises and access to markets are some of the major issues inhibiting desired growth levels of the SME Sector. It is against this background that the Eastgate SME Centre was conceived with a specific aim of addressing these challenges faced by SMEs,” he said.
Apart from providing 500 bays, the centre will also have accommodation facilities for traders coming outside Harare, a supermarket, parking space and 2 000 square metres of refrigeration facilities for fresh produce.
Small holder farmers record huge post harvest losses due to lack of proper storage facilities such as refrigerators.
It is estimated that 50 percent of perishables on pavements and other markets such as Mbare Musika go to waste due to poor storage facilities.
On completion, the project will have under 12 000 square metres space to let.
A footbridge will link the SME Centre with the Eastgate Mall, another property owned by Old Mutual.
Small to Medium Enterprise and Cooperatives Development Minister Sithembiso Nyoni said the project would bring relief to the SMEs sector which has over the years been limited by the lack of conducive working space among other factors.
“This is the first property development by Old Mutual modelled around SMEs.
“This centre will demonstrate SMEs also belong in the CBD,” said Minister Nyoni adding this would enhance competitiveness.
Online Reporter