TM in $10 million upgrade exercise

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TM in $10 million upgrade exercise

MEIKLES Limited’s unit, TM Supermarkets, will spend at least $10 million in upgrading Jaggers Msasa and refurbishment of some of its supermarkets countrywide.

TM supermarkets managing director Dave Mills yesterday said $2,2 million would be channelled towards the Jaggers Msasa project, while the rest will go towards supermarkets in Masvingo, Mutare and Gweru. Outlets would also receive refrigerator upgrades.

“Some of the funds are sourced internally with Pick n Pay providing some of the funding. There are also several banks to underpin our recovery programme,” Mills said.

TM last month moved to Jaggers Msasa and is working towards a dual branding of TM and Pick n Pay on the property.

“We are using 8 000 square metres for our warehousing, 13 000 square metres still need to be addressed. We will open a huge liquor section on 4 000 square metres,” Mills said.

“We are looking at retail, chemist, motor spares, builders’ hardware, restaurants and banks. It will look like a small mall as it is a large investment.”

He said the liquor section would be open next month while the rest of the place would be completed by May.

Mills said the upgrade was the second that had been undertaken by the company since last year.

In 2012, TM Supermarkets launched Pick n Pay Kamfinsa and Westgate and refurbished some of its supermarkets, including TM Chinhoyi.

Mills said more people were now staying in Marondera and TM Supermarkets would be able to be competitive in that area.

He, however, said former Jaggers employees can also apply for vacancies in the new dual supermarket although they had no obligation to do so. TM Supermarkets has more than 3 000 employees.

Pick n Pay Supermarket in Kamfinsa was opened following a $13 million investment into the group after South Africa-based retail giant’s acquisition of a 49% stake was approved by regulatory authorities.

Source: NewsDay (6 Mar 2013)

2014-08-06T08:53:28+00:00 March 6th, 2013|News|0 Comments

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