In a significant development within Zimbabwe’s retail landscape, Pintail Trading, owned by local businessman and politician Rajeshkumar Indukant Modi, has successfully acquired CHOPPIES Zimbabwe.
The acquisition comes as CHOPPIES, which once operated 30 stores and employed over 1,000 Zimbabweans, exited the market last year following substantial financial losses.
The deal, valued at US$260,000, represents a strategic opportunity for Pintail Trading to expand its footprint in the bustling retail sector.
Despite CHOPPIES Zimbabwe being estimated at US$2 million in property, plant, and equipment, along with US$1.4 million in stock at the time of the sale, the company incurred a staggering loss of US$1 million before its exit, highlighting the challenges faced by retailers in the region.
Rajeshkumar Indukant Modi, who is also a member-elect of the National Assembly for Bulawayo South, sees this acquisition as a chance to rejuvenate the brand and revitalizing the local retail space.
