7 June 2007

Zimbabwe: New Name for TV Sales and Hire

Harare — INNSCOR Africa Limited division, TV Sales and Hire, threatened by shrinking product demand attributed to declining consumer disposable incomes, will be rebranded.

The initiative first revealed in February this year when the holding company presented financial results for the six months ended December 31 2006, will enable the company to service distinct and separate segments in the market.

Last year, TV Sales and Hire faced a slump in hire purchase trade due to high lending rates. Furthermore, the company continues to be threatened by shrinking product demand due to low disposable incomes.

In this vein, management decided to rebrand the division to reposition the business.

A source within TV Sales and Hire revealed that the rebranding programme is at an advanced stage. The "Hire" tag will be dropped in favour of "Home" and work is in progress on a branch to be opened along Robert Mugabe Road by the end of this month.

Under the rebranding scheme the outlet will trade as "TV Sales and Home".

"TV Sales is a 35-year-old brand and we do not want to lose it. However, we are removing the Hire and replacing it with Home," the source said.

In the past, to overcome operating constraints, management explored the addition of other household products as an alternative to electricals.

Already, the company has introduced furniture as part of its household range of products, with branches in Bulawayo conducting brisk business.

Hard hit by adverse trade conditions due to economic challenges besetting the economy, credit sales have been minimised significantly.

"As far as our operations are concerned we now deal on a strictly cash basis, but there are limited credit sales," the source further revealed.

TV Sales and Hire has branches in Harare, Bulawayo, Mutare and Kwekwe while plans for expansion into Masvingo are also in the pipeline.

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