Retail giant N Richards closes 2 stores in Harare
N. Richards Group, one of Zimbabwe’s largest wholesale and retail companies, has shut down two of its outlets in Harare. The company announced the closures this week, citing economic challenges and rising operational costs.
The affected stores are located in the city’s central business district and in Highfield, a busy residential area. These outlets served thousands of customers daily and were well-known for offering a wide range of affordable products.
A spokesperson for N. Richards confirmed the closures, saying the decision was made after careful consideration of the current business environment. They pointed to high rental costs, increasing utility bills, and reduced consumer spending power as the main reasons behind the move.
Many customers have expressed disappointment over the closures, with some saying the stores were convenient and affordable. “This is a big loss for us. N. Richards had good prices, and now we’ll have to travel far to find similar deals,” said one Highfield resident.
The closures have also raised concerns about job losses, as several workers from the two branches are now without employment. The company has not disclosed how many employees have been affected but assured the public that they are trying to place some workers in other branches.
Zimbabwe’s economy has been facing numerous challenges, including high inflation, currency instability, and declining purchasing power among citizens. Businesses across the country are struggling to stay afloat, with many scaling back operations or closing entirely.
The closure of the two N. Richards outlets is seen as a reflection of the tough economic environment. Business analysts warn that more retailers could follow suit if the situation does not improve.
Despite the closures, N. Richards remains committed to serving its customers and will continue operating its other branches across Zimbabwe. The company has assured its customers that it will adapt to the current challenges and continue providing quality products and services.
