HARARE, Jan 26 (NewsDayLive) - The Confederation of Zimbabwe Retailers (CZR) has sounded alarm bells over the precarious state of the country's formal retail and wholesale sector.
This follows the recent closure of several high-profile retail outlets, including Spar Zimbabwe's Queensdale Spar and Choppies Zimbabwe's exit from the market. Other retailers, such as Mahommed Mussa have been forced to significantly reduce their operations.
In a statement , CZR pesident Denford Mutashu said the sector is facing an existential threat due to economic turbulence coupled with unfair competition from unregulated operators.
"The informal sector operates outside compliance with statutory obligations, offering goods at lower prices and making it increasingly difficult for formal businesses to compete," Mutashu said.
Mutashu added that there is a need for President Emmerson Mnangagwa to urgently intervene to rescue the sector.
"The situation is dire, and urgent action is needed to protect the livelihoods of millions of Zimbabweans who depend on these businesses," he said.
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CZR has proposed several measures, including the formalisation of the informal sector, reduction of regulatory burden, support for formal retailers and wholesalers, as well as levelling the playing field.