By James Mutasa

Hundreds of jobs have been lost as OK Zimbabwe Limited (OK) has closed a total of 11 stores cutting its national store count to 62. 

Since last year, the chain store has been facing serious revenue decline, which it attributed to supply chain disruption, unstable exchange rates, a liquidity crunch, declining consumer spending and heightened competition from the informal sector. 

It reported a loss of US$25,03 million for its audited financial year ended March 31, 2025.

The group has closed 11 stores which were no longer viable. Included in the 11 stores are three Food Lover’s Market outlets, which were wound down, and the franchise was not renewed.  

“Three more stores are in the process of being closed. The company will continue to operate 62 that are in strategic and good locations,” OK said in its latest market update. Close monitoring continues, and stores that cease to contribute meaningfully will also be closed.  The Chisipite Shopping Centre is being redeveloped into a bigger mall and the Bon Marche supermarket will be relocated to a newly constructed facility at the redeveloped centre.  OK Makoni is currently a very small store that cannot carry a meaningful product range and a new and more spacious store had been constructed for the group to lease at Makoni Shopping Centre, which would give the outlet a better chance to compete for business in this busy location,” reads the statement. 

As of February 2025, the retail sector had lost more than 1,000 jobs on the back of calls for the government to introduce reforms to curb the carnage.

Some of the retail giants that have sunk in recent times include Choppies Enterprise Limited, and Unilever Plc, while TM Pick 'n Pay is currently battling to keep afloat.

Speaking to the media earlier, the Commercial Workers Union of Zimbabwe (CWUZ) General Secretary, Cuthbert Chikwekwete said an analysis of the situation on the impact on jobs was worrying.

"The challenges in the retail sector started escalating in late 2023 and have been worsening over the past year until they deteriorated this year. Our records show that over 1,000 jobs have been cut off and the majority of those affected are workers on fixed-term contracts. The fact that the retail sector was hiring employees on renewable fixed term contracts leaves them without any fallback position like pension payouts and when they lose their jobs what it means is that they are nose-diving into poverty," he said.