From Business Day

Pick n Pay’s 41 Percent-owned Zimbabwean retailer TM Supermarkets will open more stores in the next financial year (2015), Meikles Limited group chairman John Moxon said on Wednesday.

Meikles owns 59 percent  of TM Supermarkets.

The addition of four stores under the Meikles Mega Market stores portfolio will add to TM’s chain of 53 supermarkets, which it runs nationwide, and will narrow the gap behind its main rival, OK Zimbabwe, which has 59 stores.

Mr Moxon said the increase of supermarkets from 49 in March last year to 53 had increased trading space 10% to 55,000m².

“Their impact on turnover and profitability will be felt in the ensuing financial period.

Read more at Business Day