Closure of Spar Outlets Worries Govt

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Commerce, Trade and Industry minister Christopher Yaluma has said government is working to ensure the closure of Spar outlets does not scare other chain stores nor limit competition in the retail sector. In a statement, Mr Yaluma said in view of this unfortunate development in the retail sector instigated by the exit of Spar Zambia Limited from the economy, the government cannot underscore the importance of the need to intervene and explore robust strategies to help remedy the situation and avert potential material injury to the retail sector and the economy in general. “We therefore call upon all concerned stakeholders to remain calm as Government through my Ministry pursue remedial measures anchored on ‘home-grown solutions for sustainability and inclusive participation’. My Ministry, through Zambia Development Agency (ZDA), has already engaged Spar Zambia and other potential investors to explore corporate finance strategies on how to manage a smooth exit of Spar Zambia from the local market. We are working smart to ensure that the closure of Spar outlets did not scare other Chain stores nor limit competition in the retail sector,” Mr Yaluma stated.
“On   behalf   of   Government,   my   Ministry   has   noted   with   dismay   the impromptu on-going closure of Spar outlets at a time when the Chain store has  grown  to  become  one  of  the  household  names  in  Zambia.  Since  its launch  through  commercial  presence  on  the  Zambian  economy  in  2003, Spar Zambia Limited has been an active player in the domestic retail sector by  providing  effective  demand for  local products  which are  marketed and sold in its outlets across the country. The Chain store is said to be one of the world’s largest retail chain operating in over thirty (30) countries. Spar Zambia Chain stores are known for providing wide variety of products which includes food and groceries, fruits and vegetables, wines and beverages, takeaway restaurants and in-store bakery section.”

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