Pick n Pay Zimbabwe says it is entering a renewed growth phase after policy reforms and improving market conditions helped stabilise performance and restore momentum across its retail operations.
The group said the turnaround follows the repeal of Statutory Instrument 81A through SI 34 of 2025, which restricted retailers to pricing goods at the official exchange rate. The removal of this regulation has boosted sales volumes and strengthened Pick n Pay’s competitive position by allowing greater pricing flexibility.
The company said the change has enabled it to price more competitively and better align with customer preferences across multiple currencies.
“The reform has restored and strengthened the competitiveness of formal retail across all currencies. Unit sales rose by just 1 percent in the prior year, with volumes increasing by 8 percent. This is a sign of improving consumer confidence and spending power,” said the group.
The contribution of US dollar transactions also increased steadily. USD sales now account for 32 percent of total transactions, up from 23 percent in 2024, and reached 48 percent of revenue by August 2025, compared with 25 percent a year earlier. While the local currency remains dominant, the broader currency mix has improved liquidity and operational flexibility.
For the six months to August 2025, inflation-adjusted revenue in ZiG terms rose by 11 percent to ZWG 5.9 billion. In US dollar terms, revenue is estimated at US$188 million, reflecting a resilient performance in a transitional economic environment. Sales volumes were broadly stable, easing by just 1 percent.
Although higher input and operating costs weighed on margins, the group said this reflects broader economic conditions rather than company-specific pressures.
Trading results for September and October showed a marked improvement compared with earlier months, and Pick n Pay expects stronger demand over the Christmas period.
Despite closing three branches in Chegutu, Harare Street and Southwold last year, the group said it has now returned to expansion mode with the opening of a new outlet in Shurugwi, with more openings planned. Pick n Pay says it is also prioritising growth in resource-rich towns, expanding its liquor offerings and strengthening logistics to serve less accessible regions.
Turning to its real estate division, the group said it is embarking on an ambitious project to develop Bulawayo’s largest mixed-use shopping centre which will feature more than 220 retail units, along with dining options and office facilities.
