Harare- ZANU PF legislator and deputy minister of Trade and Industry Raj Modi has snapped up stake in Choppies and acquired 30 branches, Express Mail Zim Business has learnt.
Through his investment vehicle Sai Enterprises,Modi shelled off Choppies in 2013 and concentrated on his Australian investments and liquor business in Bulawayo.
Modi started courting the Phekezela Mpoko owned Nanavac Investments which was now running Choppies last week, proposing a cash sale and the deal pulled through this week.
Modi’s take over marks a significant moment for the Zimbabwean retail landscape because of his experience in retail having worked for a supermarket in Bellevue before diving into business .
His ‘buy- back’ can redefine the trajectory of one of the country’s major grocery retailers.
Choppies said it’s decision to exit Zimbabwe is aligned with its strategy to focus on profitable retail ventures.
The company has faced mounting challenges, including a significant shift toward the informal retail sector in Zimbabwe.
Over the past two years, the formal retail sector has experienced up to a 30% decline in customer footfall, forcing Choppies to compete with informal traders.
Express Mail Zim can reveal that a notorious Rwandese born businesman (name withheld) h
is the kingpin of ‘tuckshops’ and has his headquarters at Zindoga shops in Waterfalls where informal traders hoard the smuggled products that are fed in these tuckshops that have sprouted around the Harare Central Business District .
He also recently opened a state of the art air BnB in the same locale.
