11 January 2013

Zimbabwe: Powerspeed Electrical Plans to Expand

Listed electrical engineering and retail concern Powerspeed Electrical Ltd plans to expand its retail branch network into the Harare central business district to enable the group to target the less affluent market, MD Hilton Macklin has said.

Macklin told analysts last week the group would continue its focus on retailing after it mothballed its manufacturing plant.

He said trading would form the anchor of the new business' focus.

The group opened a new branch in Mt Pleasant and made improvements on some of the branches around Harare, Macklin said, adding Msasa (Harare) Mutare, Kwekwe and Masvingo branches moved to new premises.

Macklin said the group would open more branches in this financial year starting with a Vic Falls branch.

The group was also looking at opening a store in the Harare CBD targeting mainly the high density clientele.

"The bulk of the market up to now had been affluent but now we have to move branches around Harare and position ourselves better to push volumes," Macklin said.

Total branch count, including Industrial Electric was 14. Dixons was converted to Electrosales.

The group merged Electrosales and Industrial Electric in Msasa because the businesses overlapped in terms of management and customer base, adding management now believed the common stock should service both markets.

This model will be replicated in Chiredzi, Bulawayo, Kwekwe and soon-to-open Vic Falls.

Turnover in the year to September 2012 was up 11,1% to US$29,21 million.

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