Zimbabwe departmental stores group, Meikles Stores is targeting 50 000 new accounts between October and December under a partnership with a local financial institution, TN Bank. The accounts will be managed by a TN Bank-Meikles Stores joint venture vehicle, Meikles Credit Services.
The mobilisation of new accounts will be run with a promotion under which Meikles Stores has unveiled prizes to be won by new account holders.
Meikles Stores re-launched credit facilities in February this year. Credit sales had been abandoned during the economic crisis due to hyperinflation which increased the default risk among customers, as well as a depletion of stock in retail outlets across the country caused by lack of foreign currency for imports as well as non-production by domestic manufacturers.
Meikles Stores, a unit of the Meikles group dually listed on the Zimbabwe and London stock markets, comprises of the Meikles, Barbours and Greatermans departmental stores.
A Meikles spokesperson said Meikles Credit Services was actively seeking to restore “buying power back to cash strapped would-be customers to purchase goods that have been beyond their reach for a variety of reasons over the past decade.”