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SEVERAL South Africa's retail giants could be headed for Zimbabwe to take up space at the multimillion-dollar emporium being constructed by Augur Investments and McCormick Property Development (SA). It had been expected that South African investors, due to their proximity, would set on the great trek up north after the country ended a decade of economic slide in 2009 to record its first growth in a decade. That did not happen as most of them took the same stance as their western counterparts who were hesitant to seize on opportunities presented by the economic stabilisation. Shoprite made a false move for OK, but pulled out at the eleventh hour. But the decision taken by McCormick Property Development in partnership with Augur could be the signature mark that will draw big SA retail giants and see various other investors streaming to Zimbabwe.
Augur is an associate of West Group, which recently acquired Red Star. Augur and MPD have partnered in the 50-50 shareholding arrangement to set up the biggest mall in Africa (outside South Africa), which will be known as the Mall of Zimbabwe. The latter is well known for pioneering malls across Africa. Construction of the US$100 million emporium at the Millennium Park (Borrowdale) will start next year and is expected to last for about 16 months assuming all the things remain equal. MPD managing director Mr Jason McCormick said a number of South African retailers, among them Pick ‘n Pay and Spar supermarkets, had already taken up 53 percent of the space.
"About 53 percent of the floor space has already been taken up by South African retailers such as Pick ‘n Pay and Spar long before we have launched the project, we had been marketing the project back home," he said. In the next six months the project partners will go on a spirited campaign to enlist local retailers interested in taking up space at the giant mall, as construction will start when all space is committed. The South Africans pledged to comply with requirements of indigenisation saying they were familiar with its characteristics as it was similar to the BEE that occurred in South Africa over the last few years.
But they pointed out they initially were sceptical about coming to Zimbabwe due to distortion of facts by international media on the indigenisation process. Augur investments had to bring them here for a firsthand account. Augur spokesperson Mr Ken Sharpe said the project was also a result of the vision and understanding of the City of Harare after Augur's proposal.
On inquiring for land it could develop, the firm was invited to assist in dualising the Harare International Airport road. "As we complete the airport road, more land will be unlocked for us to develop. "A parcel of land was given to us in return for the work we have done. The sum needed on the airport road is US$68 million," he said. The project is expected to create more than 1 000 jobs on completion.
Vice President Joice Mujuru launched the project last week. Local Government Minister Ignatius Chombo, City of Harare Mayor Muchadei Masunda and Information and Publicity Minister Webster Shamu attended the groundbreaking event graced by hundreds of stakeholders.
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McDonald's CEO Skinner to step down. 22 Mar 2012
NEW YORK, USA: McDonald's Chief Executive Officer Jim Skinner will retire in June, after 41 years at the US fast food giant, to be replaced by Chief Operating Officer Don Thompson, the company said. Skinner, 67, has served at the helm of the company since November 2004 and was one of the architects of the "Plan to Win" strategy that has guided it since 2003, McDonald's said in a statement.
"Jim's stellar leadership has driven unprecedented momentum at McDonald's," said Andy McKenna, chairman of the company's board of directors, in a statement Wednesday.
"Total shareholder return was 21% during Jim's tenure as CEO, and market capitalization surpassed $100 billion for the first time in the company's history," he added.
The "Plan to Win" saw the company retool its global restaurants and adjust its menu to offer healthier options for an increasingly fitness-conscious public.
Thompson, 48, is a 22-year veteran at McDonald's and became president and COO in January 2010. He has since directed global strategy and operations for the company's more than 33,000 restaurants in 119 countries.
The fast food behemoth serves 68 million worldwide customers a day.
McDonald's praised for crate-free pork pledge. 14 Feb 2012
WASHINGTON, USA: The American Humane Association, a 135-year-old animal welfare group, has praised the fast food giant McDonald's for pledging not to serve pork raised in tiny crates.
"Millions of pigs spend their lives in crates that are inhumanely small and do not allow them to move freely and express their natural behaviors," American Humane Association President and CEO Robin Ganzert said.
"This leadership on the part of McDonald's will not only advance the welfare of millions of animals but will most likely encourage other food service providers and retailers to follow suit."
The group added, however, that "the adoption of loose housing systems for sows requires not only new equipment but also training of workers and managers to handle animals humanely."
Last November, McDonald's severed ties with one of its American egg suppliers after a video taken by undercover animal rights activists exposed shocking cruelty to chickens at a farm.
McDonald's operates more than 33 000 restaurants in 119 countries, and serves nearly 68 million people per day.
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