Zimbabwean retail and hospitality group Meikles grew by 1% this year thanks to the great performance of its retail business TM /PicknPay Supermarkets.
As other segments plummeted, including departmental stores and wholesaling, the group’s retail brands represented 90,5% of total revenue and, by themselves, grew more than 5% achieving $414 million in earnings. According to chairman John Moxon, Meikles retail business has seen a steady growth since 2013, although rising operational costs mainly due to outlet expansion. TM/PicknPay opened three new stores this year and currently operates 57 outlets across Zimbabwe.
The news was welcomed by investors, namely South Africa’s PicknPay, which owns 49% of Meikles retail channel and was able to earn $6.2 million from the positive results.
