UK retail chain Poundstretcher shells out $1M to branch out to Zambia
UK retailer Poundstretcher has invested $1 million to build a new branch in Zambia in a bid to expand its market reach across Africa. The store chain also wants to invest more in the new megastore to establish its international standards, according to Zambia Daily Mail.
Andrew De Mel, the country director of Poundstretcher Zambia, explained: "We have embarked on an aggressive marketing strategy to ensure that we bring out our standard services in Zambia. We also have plans to expand to other regions within the country."
De Mel also said the country's economic policies have encouraged more investors to come in. Poundstretcher is set to open more megastores in Ndola, Livingstone, Solwezi, and Kitwe. The UK company is taking advantage of the good business climate in Zambia through this expansion effort, the report detailed.
Just this month, Poundstretcher had opened its largest megastore in Zambia. The opening of a second branch comes after the firm launched new stores in Malawi last year. Products being sold include food, drinks, household materials, cleaning products, and many more, Zambia Daily Mail reported.