Retail chain Sai Mart will take over control of Choppies Zimbabwe outlets starting January 1, following Choppies Enterprises Limited’s announcement to exit the Zimbabwean market.
Sai Mart, owned by legislator and Deputy Minister of Industry and Commerce Raj Modi, currently operates six branches in Bulawayo.
During a media briefing in Bulawayo on Thursday, December 19, Modi confirmed that Choppies supermarkets will be rebranded as Sai Mart in the coming weeks. He said (via <a href="https://www.chronicle.co.zw/modi-acquires-choppies/">Chronicle</a>):
<blockquote>
As of January 1, 2025, we will take over Choppies Zimbabwe outlets, and they will be rebranded as Sai Mart.
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However, Modi did not specify whether the acquisition includes all Choppies outlets nationwide or only those in Bulawayo.
Choppies entered the Zimbabwean market in 2013 by acquiring several Spar shops and expanded its footprint in 2014 by opening a distribution centre in the country.
The retailer currently operates 30 grocery stores nationwide under its subsidiary, Nanavac (Pty) Ltd, trading as Choppies Zimbabwe.
On November 29, 2024, Choppies announced its plans to sell its Zimbabwean operations. In a notice issued to the Botswana Stock Exchange (BSE), Choppies highlighted the shift in Zimbabwe’s retail landscape over the past two years, with a growing trend towards informal retail activities.
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Raj Modi, who owns Sai Mart, will take over Choppies supermarkets in Zimbabwe starting January 1. Choppies decided to leave the Zimbabwean market. Choppies has 30 stores in Zimbabwe but it's not clear if all will be taken over by Sai Mart. Choppies entered Zimbabwe in 2013 and expanded in 2014. They decided to sell their Zimbabwe operations because of changing trends in retail. Modi confirmed the takeover during a media briefing in Bulawayo on December 19. The Choppies stores will be renamed Sai Mart.

Raj Modi Acquires Choppies Supermarkets

Botswana’s retail giant, Choppies Enterprises Limited, has revealed plans to divest from its wholly-owned subsidiary, Nanavac (Pty) Ltd, which operates as Choppies Zimbabwe. The sale is subject to regulatory approval.
In a notice issued to the Botswana Stock Exchange (BSE) on November 29, Choppies highlighted a significant shift in Zimbabwe’s retail landscape over the past two years, with a growing trend towards informal retail activities. Reads the cautionary announcement:
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The Listings Requirements of the Botswana Stock Exchange (“BSE”) require the Company to announce any circumstances or events that have or are likely to have a material effect on market activity or the price or value or trading of the Company’s securities.
The board of directors of Choppies (“Board”) hereby advises all shareholders that the Company has entered into discussions regarding a possible sale of the business operations of Nanavac (Pty) Ltd trading as Choppies Zimbabwe for cash (“Possible Sale”), which, if successfully concluded, could have an impact on the Company’s share price.
Choppies Zimbabwe is wholly owned by the Company and is a grocery retailer with 30 stores in Zimbabwe.
The Possible Sale, which is subject to certain conditions and regulatory approval, is aligned with the strategic intent of Choppies to focus on profitable retail.
In Zimbabwe, over the last two years, there has been a significant shift to the informal retail sector, leaving the formal retail sector to battle a reduction of up to 30% in footfall and having to compete with the informal sector.
While we believe in the country’s long-term viability, Choppies as a group needs more capital to support its Zimbabwean operations for extended periods and has already invested significant capital to support the operations.
Due to the factors mentioned above, we have decided to exit the country.
Shareholders are cautioned that there is no certainty at this stage that the discussions will lead to a formal transaction, and approval from the Zimbabwean Competition and Tariff Commission is required.
Accordingly, shareholders are advised to exercise caution when trading in their Choppies shares until a further announcement is made.
The Company has a primary listing on the BSE and a secondary listing on the JSE.
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Choppies, a big store in Botswana, wants to sell its stores in Zimbabwe because small shops are getting more popular there. The big stores are losing customers. Choppies has 30 stores in Zimbabwe, but they want to focus on making money in other places. They need more money to keep going in Zimbabwe, so they decided to leave. The sale is not final yet, and they need approval from the government first. People who own shares in Choppies should be careful when trading until a decision is made.

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