Food Lovers Market to close Avondale, Borrowdale stores amid economic struggles
BUSINESS WRITER
OK Zimbabwe will shut down its Food Lovers Market outlets in Avondale and Borrowdale this month, as the country’s formal retail sector reels from a volatile exchange rate and mounting economic pressures.
The Borrowdale store will shut down on June 8, while the Avondale branch will cease operations on June 22.
Both outlets are currently offering daily in-store specials as a farewell gesture to customers.
“To our beloved Avondale community, a heartfelt thank you for your loyalty over the years,” the company said in a statement. “As we prepare to finalise trading, we have daily exciting specials in-store for you, designed to serve you fresh value.”
The Borrowdale outlet also expressed gratitude: “Your local favourite daily fresh stop is saying goodbye. Until then, look out for daily, wonderful specials in-store as our thanks to you for your generous support.”
OK Zimbabwe, which acquired the franchises for Food Lovers Market Avondale, Borrowdale and Bulawayo in 2023 as part of a shift into premium retail, has announced a restructuring plan.
The move includes raising new capital and reorganising its operations amid deteriorating economic conditions.
Zimbabwe’s formal retailers have been hit hard by exchange rate instability and weakening consumer demand.
Choppies, a regional supermarket chain, recently exited the market, and several other retailers have shut down outlets.
Food Lovers Market Greendale, which is independently owned, remains unaffected by the closures and was not part of the OK Zimbabwe acquisition.
While it remains unclear how farmers, suppliers, and other downstream players will be affected by the closures, the impact is expected to be significant—and dozens of workers will lose their jobs.