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The Cape Town-headquartered firm is rebranding TM after becoming the majority shareholder in one of Zimbabwe’s leading retail chains earlier this year.
The branch in Kamfinsa, Harare, will be the first to bear the Pick n Pay logo, with completion expected in May.
“The whole exercise will take three to four years,” Dallas Langman, Head of Group Enterprises (Africa) at Pick n Pay, told CAJ News.
Meanwhile, Langman said Pick n Pay would bring some skilled personnel from the company to impart their knowledge to local workers.
“We will bring some workers, although very few. We will train our partners and then let them run the business, with constant support from us,” he said.
Late last year, Zimbabwe’s Competitions and Tariffs Commission (CTC) cleared Pick n Pay to increase its stake in TM Zimbabwe, making it the majority shareholder with a 49 percent stake.
The South African company’s investment in Zimbabwe will pump about $15 million into the Zimbabwean economy.
TM Supermarkets is one of the businesses that are emerging from economic problems that characterised the country since 2000 but eased when an inclusive Government took office in 2009. — CAJ News.
Online Reporter