Meikles to shut down Greatermans

via Meikles to shut down Greatermans – DailyNews Live 20 MAY 2014

Diversified group Meikles Limited (Meikles) is shutting down its upmarket Greatermans store and is replacing it with Pick n Pay supermarket.

This comes as most Zimbabwean retailers are finding the going very tough due to an acute liquidity crisis coupled with low disposable incomes.

They also face stiff competition from cheaper imports, mainly from China and South Africa.

Greatermans, located in the Harare central business district, sells clothing and furniture.

“Greatermans store will close down on June 30, 2014,” said Meikles director Mark Wood, adding that the move was “a very exciting development which will meet the needs of customers in a good location”.

Late last year, Meikles announced plans to make forays into the lower end of the market as part of strategies to boost revenue and unlock shareholder value.

The Zimbabwe Stock Exchange-listed group, whose departmental stores — Barbours, Meikles and Greatermans — targeted the affluent, recently opened a mass market unit Meikles Mega Market, which targets the lower end of the market.

The group said more units will be opened at other locations this year.

Wood noted that the Mega Market unit was performing to expectations.

He said Meikles planned to increase its Pick n Pay franchises in the country in an effort to increase revenue streams.

“We target to open two new supermarkets and refurbish four existing operations all under the Pick n Pay brand by year end,” he said.

Last year, South African retail giant Pick n Pay, which owns a 49 percent stake in Meikles’ TM Supermarkets chain, indicated that it was expanding its presence in Zimbabwe by investing $25 million to upgrade the grocer to international standards. Pick n Pay has three supermarkets under its banner in Zimbabwe so far.

In the half year to September 2013, Meikles recorded a $37,5 million profit, up from $767 000 recorded in prior comparable period.

During the period, earnings per share stood at 14.37 cents while revenue marginally increased to $190 million from $189 million

 

COMMENTS

WORDPRESS: 13
  • comment-avatar

    Now there is more room for one huge flea market selling cheap Chinese goods. Ain’t Zimbabwe fabulous?*shedding tears*

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    We all know where Meikles is headed! It is not up! Madmen! Sorry, Mad Man!

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    Godobori 7 years ago

    The supermarket / Cash till country ha ha ha! I love Chinese for finding the stooges they dreamed of.

    A country of big english words ekutuka being run rings by short, ugly looking yellow people from Alibaba!. Pamberi nekutonga! Pamberi nePolitburo!!

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    Makes sense, Central Harare has gone down hill for many years now and the affluent now shop in Borrowdale Village. Meikles wouls do better to open shops in these new “Malls”

  • comment-avatar
    munzwa 7 years ago

    what about your mining ventures, vehicle donations etc etc…

  • comment-avatar

    You took the words right out of my mouth Munzwa!

  • comment-avatar
    Chamunoda Nyamakate 7 years ago

    Godobori, whatever you snuff, don’t snuff it here. Why are you insulting the Chinese. Its enought to insult you fellow Zimbos. Siyana nekutukirira maChina. Iwe unonzwa sei if the Chinese become so stereotypic of Zimbos in Chna?

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    Petal 7 years ago

    Remember G and D Shoes it used to employ hundreds of workers and then Philip Chiyangwa who is now one of the wealthiest people in the country started this indigenisation nonsense and he took over G and D shoes and it shrank literally shrank now it is none existent. one of Bobs Blue Eyed Boys

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    So sad, I remember as a child being taken to Greatermans for morning teas and then later taking my own children there for morning teas. Well done Bob The Sod another of your stuff ups

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    maita 7 years ago

    But are we surprised, what was in ZanuPf’s manifesto, create more flea markets makamboona a flea market inotengesa local goods? They were saying we will import more and more goods making sure more shops close and flea markets open up. Biti said it resonated with the electorate.

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    The collapse of the Miekles business empire is a good omen for Zimbabwe . First, the Miekles business empire was built from the looting of King Lobengula’s royal herd of cattle by the Loot Commission led by Thomas Miekles . The collapse of the business empire will definitely be well received in the spiritual world .

  • comment-avatar
    Petal 7 years ago

    More flea markets probably to fill them with all the chinese goods!

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    Parangeta 7 years ago

    The collapse of Meikles is not a good omen,
    Lobengula’s cattle or not.
    After all Lobengula marauded the Rozwi and here is the excerpt –

    “In lands damaged by war, and cattle driven off by the victors, any Rozwi and Tswana left behind would starve. Instead, they were either brought into the winning tribe, or kept as slaves who would, in time, be assimilated”.

    Remember, when Mzilikatzi fled from Skaka Zulu’s wrath, he ran for Botswana and crossed into Zimbabwe from there.

    So don’t give us the ‘pity-poor’ excuse that Meilkles stole the Fat Man’s cattle, it was just retribution.

    Getting back to tea at Greatermans, actually tea at Sanders was better, school shopping at Barbors was de rigeur, Beautiful Rhodesian made shoes at Cuthberts, with individual “x-ray’ shoe fittings. McCullough and Bothwell’s, Barbors nemisis, was also a pleasure to visit as was Meikles for lunch or dinner. Fine dinin g at le Cog D’or, the Mandarin and the Monamotapa Rooftop.

    All gone, desolate, or a shadow of their glorious former selves. Zimbabwe had lost class, world renoun and pleassure, as each icon of ‘civilization’ close or down=grades.

    We will all be a Nation of Walmarts, Ching-Chong Bazaar and Pick & Pays.

    Oh! If the Liberators had only safeguarded, nurtured and protected what Rhodesia/Zimbabwe already had, instead of
    destroying Our world-class institutions and destinations.

    “Cry MY Beloved Country, Cry”……..