Twelve years after launching in the country, Choppies has sold its Zimbabwe operations, which comprise 30 stores. Saimart, partly owned by Zimbabwe's deputy industry minister Raj Modi, is the acquiring company for an undisclosed amount.
Choppies bought 10 SPAR outlets from Saimart for $22.5 million to kickstart its Zimbabwe operations in 2013.
“At SaiMart, we are committed to providing affordable products and making shopping convenient for our customers,” Modi said. “This acquisition is a strategic step toward achieving that goal.”
Choppies has also informed suppliers of the transition.
“This serves to notify you that the Choppies business in Zimbabwe has been sold to SaiMart. Kindly note that business operations will continue as normal. All local staff and management have been moved to SaiMart.”
Choppies announced its Zimbabwe exit in November, citing a significant shift to the informal retail sector, leaving the formal retail sector to battle a reduction of up to 30% in footfall.