Source: The Herald – Breaking news.
OK Zimbabwe Company Secretary, Margaret Munyuru (left) and Operations Director, Vupenyu Gumbo (second from left) lead the Parliamentary Portfolio Committee on Industry and Commerce led by chairperson, Clemence Chiduwa (second from right) on a tour of OK Mart in Hillside, Harare yesterday as part of a nationwide tour of formal and informal retailers. — Picture: Edward Zvemisha 
Blessings Chidakwa, Herald Reporter
ZIMBABWE’s retail sector is showing signs of recovery as Government reforms, especially on exchange rate determination, take effect, with listed retail giant OK Zimbabwe Limited among those on the rebound.
Government launched the Zimbabwe Industrial Reconstruction and Growth Plan for the period 2024-2025 aimed at enhancing the domestic economy by promoting the procurement of locally produced goods.
With the Government’s ongoing economic reforms, there is renewed optimism that Zimbabwe’s retail sector is on track for sustainable growth, providing relief to both businesses and consumers.
This emerged yesterday during an assessment by the Parliamentary Committee on Industry and Commerce, which is conducting nationwide evaluations to gauge the ease of doing business and engage directly with retailers to understand their challenges.
The committee, led by its chairperson, Clemence Chiduwa, toured OK Zimbabwe Limited outlets in Harare to assess its current operations.
Speaking during an outreach visit to OK Mart in Hillside, Cde Chiduwa, who is also Zaka South Member of Parliament (Zanu PF), said the Government’s efforts to stabilise the economy and support the revival of retail businesses were yielding positive results.
“Obviously, for us, we are looking at the revival of the retail sector, and we are happy that the Government is working hard on that,” he said.
“We have seen the reforms that are going on, especially on exchange rate determination. And all this should assist the sector to grow again.”
OK Zimbabwe coperations director, Vupenyu Gumbo (left) leads the Parliamentary Portifolio Committee on Industry and Commerce led by chairperson, Clemence Chiduwa (second from left) at a tour of OK Mart in Hillside, Harare yesterday as part of a nation- wide tour of formal and informal retailers.- Picture: Edward Zvemisha
Cde Chiduwa said the visit to OK Mart was part of a broader effort to understand retail sector operations.
“I think if you wait a number of years, you will know the problems that are being faced by the retail sector. But what came out from the deliberation mostly is only exchange rate issues,” he said.
Cde Chiduwa said findings from these visits will be consolidated into a report for Parliament, with recommendations aimed at further strengthening the sector.
Despite signs of recovery, Cde Chiduwa acknowledged some lingering challenges shared by retailers, including distortions in the exchange rate market, foreign currency shortages, inconsistent power supply, and regulatory hurdles.
“The distortions that are happening in the exchange rate market, the shortages of foreign currency, power, regulatory requirements. And we are upset,” he said.
Cde Chiduwa said beyond major retail outlets, the committee is also focusing on Zimbabwe’s vast informal sector, which plays a crucial role in the economy.
“After we are done here, we are also going to the downtown area, where we are going to look at the compliance level, especially in the informal sector,” he said.
Cde Chiduwa said the committee’s outreach extends across multiple cities, including Harare, Mutare, Chiredzi, Bulawayo, and Gweru.
Speaking during the tour of OK Mart, the group company secretary, Mrs Margaret Munyuru, said the firm was now on a recovery path.
“We have already started restocking. A few weeks ago, even a month and a half ago, you would have noticed that even Mazoe was missing on the shelves. The shelves are now filling up,” she said.
Last month, OK Zimbabwe’s former chief executive officer, Mr Willard Zireva, returned to lead the retail group and help lift it from its current operational challenges, which have seen the company closing five branches.
Late last year, the retail giant struggled to restock its branches across the country, citing a tough trading environment and a growing debt burden.
COMMENTS