OK Zim adds another store in Harare

HARARE - Retailer OK Zimbabwe says it will this month add a new store in Harare to bring the company’s total operating stores to 63.

Alex Siyavora, the group’s chief executive believes the new outlet located in the southern part of the capital’s central business district, Glen View, is in a good location that has potential of good volumes.

“We will be opening a new branch during the mid-month of August and we are certain this  is in a good location where we are certain the unit will be able to break-even within the first month,” he said.

Siyavora said construction works are already advanced with the building already taken shape as only a few internal works remain.

He added that the retailer will continue to look for opportunities where there is demand to construct new stores, noting that the company is already negotiating for a potential lease in Kadoma.

“Such projects are being largely bankrolled through internal resources and finances, with a capital expenditure in excess of
$3 million per each store,” he said.

OK Zimbabwe closed its financial year which ended on March 31, 2018 with a total 62 stores that are spread countrywide.

The group also opened two new stores OK Malvern and OK Third Street during the year.

Siyavora said store refurbishments and upgrading will be a continuous process as the retailer moves to improve service offering.

Last year, the retailers’ capital expenditure was at $15,5 million, with the bulk of the capital spent on refurbishment of stores and the two new shops.

“We believe the continuous refurbishment programme is essential to improve ambience, refresh facilities and enhance equity of our store brands. Some of the works that were targeted for last year could not be completed as a result of delays in accessing foreign currency and these will be completed in the current year,” he said.

During the year ended March 31, 2018, the retailer’s revenue grew 23,4 percent to $582,9 million compared to $472,4 million prior year.

This resulted in attributable earnings growth of 174,6 percent to $16,6 million.

— The Financial Gazette

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