A UNITED Kingdom-based retailer has invested about US$1 million to set up a megastore in Zambia as it seeks to expand its presence in Africa.
Poundstretcher Zambia country director Andrew De Mel said in an interview that the company is yet to invest significantly in the megastore to bring it to international standards.
“We have embarked on an aggressive marketing strategy to ensure that we bring out our standard services in Zambia. We also have plans to expand to other regions within the country,” Mr De Mel said.
He said the Zambian business environment is conducive largely due to Government’s economic policies that have led to investors putting their money in the economy.
Mr De Mel said Poundstretcher is soon to set up megastores in Kitwe, Ndola, Livingstone and Solwezi.
He said the investment climate in Zambia is good and the company is positioning itself to benefit from this factor.
Poundstretcher early this month opened the biggest megastore in Zambia and the opening of this second outlet follows the retailer’s earlier launch of outlets in Malawi last year where it now operates three stores.
Two years ago, the UK-based retailer launched an outlet at the Madina Mall in Dubai in what was the first time that a variety store had set up business outside of the UK.
During the official opening of the megastore recently by Deputy Minister of Transport, Works, Supply and Communications Panji Kaunda, Mr De Mel hinted that the variety retailer is contemplating setting up two more outlets in Zambia.
Lt Col Kaunda expressed happiness at the prospects of Poundstretcher Zambia expanding into other parts of the country and encouraged management to do so as land in the country for investors is available.
If Poundstretcher Zambia goes ahead to set up two more stores, this will bring the number of outlets to four in the country.
The new megastore, situated on Kafue Road, is stocked with a range of UK products which include food and drinks, home wares, seasonal, cleaning and household goods and many other ranges.
Poundstretcher Africa Limited managing director Zunaid Aziz said in a recent interview that the establishment of the Lusaka store, which is about 6,500 square metres and houses 20 sections, is just the beginning of the company’s investment programme into Africa.
“We have spent millions of dollars on setting up this new megastore and we intend to move on in other parts on the continent,” Mr Aziz said.