FORMAL retail outlets in Harare are increasingly resembling deserted ruins, serving as yet another indicator of the country's economic woes.
Retailers in Zimbabwe have been severely impacted by the ongoing economic shocks, leading many to downsize their operations.
A snap survey conducted by NewZimbabwe.com in Harare on Monday revealed that many retail outlets are turning into shells.
The usually bustling N. Richards Wholesale is operating at a fraction of its former capacity.
A visit to the wholesale revealed that many products were missing from the shelves and one of the busiest branches in Tynwald is set to close.
A worker at the wholesale store told NewZimbabwe.com, "Some goods have been put on sale to clear stock," ahead of the closure of the Tynawld branch, which is expected Friday.
One of the largest retail chains, OK Zimbabwe, has been affected. Essential goods such as cooking oil and sugar have inexplicably disappeared from its shelves in several residential areas in Harare.
Charles Kautare, a resident of Kuwadzana expressed his concern describing the situation as zungu rakapinda nyoka, painting a grim picture of the once vibrant sector.
"This means our economy is in bad shape. They appear to be winding down their operations. Since Independence, we have known these supermarkets. We will reach the 2008 situation if the economic issues are not being addressed," said Kautare.
Zimbabwe's economy is going through a turbulent period, largely due to the poor performance of the local currency.
The Zimbabwe Gold (ZiG), the country's sixth currency, was introduced last year in an attempt to stabilise the economy. However, it has underperformed and within less than a year, is trading ZiG40 against the United States dollar on the black market.
Economic analyst Gift Mugano told NewZimbabwe.com that the downsizing of the retail outlets reflects the deeper economic issues stemming from poor political governance.
"This is a resemblance of a dire situation where we are as a country. It explains to you that the current government has failed in terms of driving the economy. There is a legitimate crisis.
"A currency can only be sustainable or be strong or stable if there is a public trust in government you do not trust government and if there is no confidence no one takes the currency," said Mugano.
In November last year, Choppies, another retail chain, announced its departure from Zimbabwe, citing exchange rate policies that have driven customers towards the informal market.
Zimbabweans increasingly prefer purchasing goods from tuckshops, which are booming at the expense of the retail markets.
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Confederation of Zimbabwe Retailers (CZR) in a statement recently called on President Emmerson Mnangagwa to save the retail sector.
"The fiscal, monetary, regulatory, and statutory frameworks have remained unforgiving to formal retail and wholesale operators. These challenges have created an uneven playing field, allowing the informal sector to dominate with little intervention to ensure equity.
"The growing levels of informalization have led to a significant loss of market share for formal businesses. The unregulated informal sector offers goods at much lower prices, largely because it operates outside compliance with statutory obligations such as taxes, licensing fees, and labour laws. This has made it increasingly difficult for formal businesses to compete effectively.
"CZR, therefore, calls for urgent intervention from His Excellency, President Dr. Emmerson Dambudzo Mnangagwa, to rescue what remains of the formalized retail and wholesale sector," read the statement.
