Edgars Stores (Zimbabwe) reported a significant jump in sales, spurred in large part by growth in its credit system which made a comeback after the crisis-torn economy dollarized last year.
Putting the marks back on their feet
Chairman Themba Sibanda said the group had “worked tirelessly” to restore the market position of the Edgars brand, with a turnaround achieved in May after “various initiatives that were put in place to increase market share “.
“The Edgars brand is a household name, and over the years our customers have associated us with broad CFTA assortments (apparel, footwear, textiles and accessories), attentive customer service and superior shopping destinations. These attributes , as with all retailers, have deteriorated somewhat in recent years, but [the] has worked tirelessly to bring this coveted position back to our Zimbabwean clients,” said Sibanda.
Credit accounts increase
Edgars Chain sales in the interim period to July 3, 2010 increased 607% over the same period last year, driven primarily by credit accounts which grew from 38,000 in December 2009 to 62,000 during the reporting period. An additional 12,000 new accounts were opened in July and August, bringing the number of credit accounts to 74,000.
The Express Mart chain, which operates in the more competitive cash market, recorded 372% growth during the period. Sibanda said the rest of the year will see an improving trading environment and “wider merchandise assortments” to further encourage CFTA spending.
“Overall, we aim to provide our customers with a more enjoyable shopping experience as we solidify our position as the market leader in retail CFTA credits,” Sibanda said.