Edgars commended for continued expansion
GOVERNMENT has commended the resilience and continued expansion of Edgars Stores Limited in Zimbabwe, which has seen the company opening new branches and broadening its business to tap into new opportunities.
Edgars Stores is one of the leading Zimbabwean clothing retail companies offering high-quality and competitively priced products.
The group is organised into two strategic business units —manufacturing and retailing and has recently introduced financial services by offering loans to its clients.
On Thursday, the retail clothing giant opened another branch Bulawayo’s Ascot Shopping Centre as part of its expansion drive.
Industry and Commerce Deputy Minister, Raj Modi, who was the guest of honour commended the company for remaining afloat in business despite challenges that have faced the economy over the years.
He said the growth of Edgars was one of the shining examples of the success of the Government’s economic transformation agenda and strides towards meeting an upper middle-income society by 2030.
“I wish to congratulate Edgars Stores for this milestone investment. This retail outlet will have numerous benefits to the economy, which include the creation of new jobs, significant decongestion of public spaces in the Central Business District of Bulawayo, and offer improved market value for properties within the area,” said Deputy Minister Modi.
“I am, therefore, extremely delighted to be witnessing the launch of this magnificent development in Zimbabwe’s second largest city of Bulawayo.”
He said the opening of the new Edgars shop dovetails with the Government’s trajectory for the reindustrialisation of Bulawayo.
“This investment will undoubtedly create substantial value for the economy of Bulawayo and bring shopping convenience and reliable value-added services closer to our people,” said the Deputy Minister.
“It is no doubt a key initiative by the private sector, which compliments Government efforts in uplifting the standard of living for our populace.”
He said the Government has made significant strides in improving the business environment by implementing the Ease and Cost of doing Business reforms to ensure the attainment of the US$8 billion manufacturing and commercial sector target under NDS1.
Deputy Minister Modi said fostering domestic trade was critical in growing the economy and challenged the retail sector to strengthen its linkages with the productive sectors of the economy to promote growth and ensure consumers can buy locally produced goods.
He noted that since 2017, capacity utilisation in the manufacturing sector has increased to over 60 percent, adding that 80 percent of the basic products on supermarket shelves are now locally produced. Government is, however, concerned by acts of indiscipline being perpetrated by some players, said Cde Modi.
Edgars Group chief executive officer, Mr Sevious Mushosho, said the opening of a new branch was a commitment to growth, innovation and saving the community. He expressed gratitude to stakeholders and workers for the support they give to the company.
Edgars is one of the companies that make Bulawayo’s economy tick with official statistics suggesting the city’s Gross Domestic Product reached US$328 million in 2022. This was largely driven by the wholesale, retail sectors and the motor vehicle repair industry, which contributed to a combined 32.2 percent.
“These developments speak volumes to the critical role that the sector is playing in our economy in general and the achievement of the National Vision 2030. It is therefore befitting that we collectively recognise and incentivise this important sector, which provides a vital link between manufacturers and consumers,” said Deputy Minister Modi. -ebusinessweekly
