Diversified financial group Old Mutual is constructing a $22 million shopping complex in Zimbabwe capital Harare specifically for small to medium enterprise shopping.
The project, which will be completed in 18 months, is a one-stop-shop complex boasting 11 823 square meters of prime retail space. The complex is being built diagonally opposite the Eastgate Shopping Mall and is configured to accommodate a diverse range of SMEs business models under one roof.
The project is part of the Old Mutual Groups’ initiative to remodel its business to accommodate the emerging SME sector, as they recognise the role the sector is playing in the economy.
Due to changes in the business cycles, they have noted a decline in capacity utilisation in the industry and people finding a place in the informal sector. The group is expecting a high quality product, completed on time and on budget, by April 2018.
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The centre will provide 500 bays and will also have accommodation facilities for traders coming from outside Harare. It will include a supermarket, parking space and 2 000 square meters of refrigeration facilities for fresh produce.
This is being done to accommodate small-holder farmers , as they post huge losses due to lack of proper storage facilities for fresh produce.
The project will have under 12 000 square metres space to let and a footbridge that will link the SME Centre with the Eastgate Mall (another Old Mutual property).
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Zimbabwe’s economy has over the years been largely skewed towards the informal sector due to challenges that have riddled the economy including a high unemployment rate, lack of Foreign Direct Investment and a precarious liquidity situation.
This has made backyard businesses and small start-up businesses the order of the day in driving the economy. It has become increasingly important to create and maintain an enabling environment for these businesses to grow and sustain themselves.
