Times LIVE:
In line with its African expansion plan,
the group last week said it bought 24% of Zimbabwe operation TM Supermarkets, bringing its total shareholding to 49% – a deal worth about $13-million.
The TM Chain is controlled by Meikles Ltd and is the largest chain of retail stores in Zimbabwe by number of stores, with 51 outlets.
Yesterday, Pick n Pay announced that it had signed a franchise territorial agreement with retail franchising group Retail Masters in Mozambique to extend its African footprint. The group currently operates one store in Zambia, 17 in Namibia, 12 in Botswana, seven in Swaziland and one in Lesotho, together with its 51-store network with TM in Zimbabwe.