Powerspeed the owner of the Electrosales line notified their shareholders that the company has opened a new branch, first of its kind in Kadoma.
In a statement to shareholders the company said, “Management takes pleasure in informing shareholders that, on the 1st of June 2022, Electrosales opened its very first purpose built store in Kadoma, at 11 Herbert Chitepo/Milton Road.
“The building is 1200 sqm with 900 sqm of retail space designed to create a friendly, welcoming, and convenient shopping environment. This is a welcome addition to the Electrosales brand.”
As a purpose built store, according to Powerspeed, the following aspects were considered, wide range of stock, product knowledge and expertise from the Electrosales team, delivery and dispatch.
“Kadoma customers can now have all their building, agriculture, plumbing and general hardware needs met in one location,” the company said.
Powerspeed said, this is just one amongst a few more which are in the pipeline for both existing and new markets and they reiterated that further updates will be given in due course.
Powerspeed Electrical seeks to continue on a branch expansion drive to consolidate its market share.
Power speed chairperson Simba Makoni said the company would continue to invest in expansion despite the tough economic environment.
The company delisted on the Zimbabwe Stock Exchange in 2020 after citing that the listing did not benefit them
The board of directors of Powerspeed were of the view that at the current environment in Zimbabwe, a listing on ZSE was of very little benefit and considerable costs.
Powerspeed was a very illiquid stock and trading often did not represent a realistic valuation.
The lack of capital from institutional investors meant that the listing was limited in value in terms of a mechanism to raise capital was an impediment to shareholder returns – Harare