Online Reporter
Business Reporter
GIANT chain supermarket, TM Pick n Pay has shut its retail outlets in the Chikanga and Dangamvura suburbs of Mutare which stopped operating at the end of last month, The Manica Post has established.
When our news crew got on the ground this afternoon, the respective two shops were closed with the remaining stock at the Chikanga branch being loaded into the retailer’s delivery truck for ferrying to the main branch in the city centre.
Personnel at the Chikanga shop declined to comment, citing protocol and referring our reporter to the main branch.
Following notification last year to write-off its entire investment in Zimbabwe, the giant supermarket is shutting some of its shops across the country; attributing the move to continued incurring losses.
Pick n Pay is a prominent South African retail group operating in Zimbabwe in association with TM Supermarkets, a division of Meikles Limited.
TM Pick n Pay operates 74 outlets across Zimbabwe, and in its financial reports stated that it had suffered an unrecognised loss of 51 million Rand for the financial year ending March 2, 2025.
“The group accounts for its investment in associate under the equity method of accounting in accordance with IAS 28, Investment in Associates and Joint Ventures. The group’s investment in TM Supermarkets was impaired to nil in the prior period,” Pick n Pay said in its audited financial statements.
