Source: International retail brands flock to Zim – herald
Business Reporter
ZIMBABWE’S retail property sector is experiencing an unprecedented wave of interest from international brands, with weekly enquiries from global brands seeking to establish or expand their presence in the country, the fund manager of Tigere Real Estate Investment Trust (REIT) has revealed.
In an interview following the release of the company’s strong financial results, Tigere Property Fund director Brett Abrahamse told Zimpapers radio station CapitalkFM that international interest in the Zimbabwean retail space has intensified significantly, driven by currency stability and the growing quality of commercial developments.
“It’s amazing. I would say on a weekly basis, we are getting contacted by a new international brand that is looking to either enquire for space or grow a business within them,” Mr Abrahamse said.
He attributed the surge in foreign interest to the improved macroeconomic environment in the country, particularly the stabilisation seen in currency markets.
Zimbabwe has recorded single-digit inflation in the local currency, slowing to 3,8 percent year-on-year in February 2026, following tight fiscal and monetary coordination.
“I think it speaks to the stability that’s been seen in the currency markets, and definitely also the growth in retail options and the growth to come from other developers,” he said.
The liberalisation of exchange rates in April 2024 by the central bank has resulted in greater pricing predictability, with monthly local currency inflation averaging a low 0,6 percent since February.
This stability has encouraged international retailers to view Zimbabwe as a viable investment destination once again.
The availability of quality retail space has been a key factor attracting international tenants.
Tigere REIT’s portfolio, which includes Highland Park, Chinamano Corner, Greenfields Retail Centre and the upcoming Design Quarter, has set new standards for commercial property in Zimbabwe.
Tigere REIT is a prominent real estate investment trust listed on the Zimbabwe Stock Exchange, focused on high-quality, dividend-paying retail and commercial properties in Zimbabwe.
REITS are companies that own, operate or finance income-producing real estate across various sectors, such as apartments, malls, offices and data centres.
“There’s a lot more space available, quality retail space,” Mr Abrahamse noted.
“I believe it’s positive for the market. I think it lifts everyone’s game.”
Greenfields Retail Centre, acquired by Tigere in late 2025, has performed exceptionally well since opening. The centre, anchored by Spar and supported by entertainment and food outlets, including Hungry Lion, Spur and Rollers Entertainment, achieved full occupancy and is trading above fund expectations.
“There’s no way we can do without the strong local players. They understand the market best, but I think the international flavour just lifts the product within Zimbabwe and provides alternatives, which keeps everyone on their toes, including landlords,” Mr Abrahamse said.
Tigere REIT has reported robust results, with real income rising substantially to approximately US$2,3 million.
Operating expenses from the portfolio declined significantly on a year-on-year basis, enabling the REIT to pay consistent dividends throughout the year.
The company’s net asset value (NAV) stands at around US$60 million across its five assets, with a market capitalisation of US$100 million following recent property acquisitions.
The enlarged portfolio has delivered operating leverage, with the REIT’s operating expense ratio expected to decline.
Tigere is pursuing an aggressive growth strategy, targeting a NAV of US$100 million by the end of the 2026 financial year and US$200 million by the end of 2028.
“We’re working on quite a substantial pipeline across different sectors as well, away from our retail, including some light industrials, some hospitality assets,” Mr Abrahamse said.
The company is developing three assets for inclusion in the coming period: one in Kadoma, another in Gweru and a substantial retail centre in Bulawayo through a partnership with the Zimbabwe International Trade Fair (ZITF).
“There hasn’t been much investment in Bulawayo over the last few years and we’re excited and hopefully we’ll provide a catalyst for a lot more there,” Mr Abrahamse said.
In Harare, the Design Quarter, a 5 500-square-metre mixed-use building opposite Highland Park, is scheduled for commissioning in the third quarter of 2026.
The development will feature ground-floor retail space, three floors of high-end offices and a rooftop restaurant.
Following strong trading at the existing Zimre Park Drive-Thru, which hosts a Puma service station and KFC, Tigere has accelerated plans for the full shopping centre development.
“We announced in our analyst presentation that we’re going to be pulling that shopping centre forward, and works will probably be starting in the coming weeks,” Mr Abrahamse said.
The existing Steers Drive-Thru is set to open shortly and Mr Abrahamse expects that “by this time next year, hopefully we’ll be talking about a new retail centre that will be opening in Zimre Park in Ruwa”.
Asked about increasing competition along ED Mnangagwa Road, where multiple retail developments are emerging, Mr Abrahamse drew comparisons with Johannesburg’s Rivonia Road, suggesting there is room for all players.
“It’s interesting to see what’s happening along ED Mnangagwa Road. I believe that, similar to Rivonia Road in Johannesburg, there are multiple nodes that can pop up and all survive,” he said.
“Harare is the economic capital of the country and we certainly haven’t been impacted by even some of our own developments. If you look at Cardinals up the road, it’s hardly impacted our numbers at Highland Park.”
He noted that new developments such as the refurbished shops at Chisipite demonstrate that “there’s room for everyone, and it keeps the quality high”.
“The interest from international retailers looking for space within Tigere REIT properties reflects the growing attractiveness of prime retail assets in Zimbabwe. It signals that brands still see long-term consumer potential in the market despite short-term economic challenges,” said Ms Tariro Matsanga, a retail market analyst.
The sentiment was echoed by investment economist Mr Nyasha Dube, who said the steady stream of enquiries from international brands targeting Tigere REIT space “points to renewed confidence in prime retail property”.
“It suggests global retailers prefer structured, professionally managed centres where foot traffic and tenant stability are more predictable,” Mr Dube said.
Economist Mr Tinevimbo Shava sees the growing number of enquiries from international brands seeking space at Tigere Real Estate Investment Trust properties as a positive signal for Zimbabwe’s formal retail sector.
“From an economic standpoint, it suggests that global retailers are beginning to see renewed potential in the country’s consumer market, particularly in well-managed retail centres,” he said.
“Such interest could improve occupancy levels, strengthen rental income and ultimately support stronger returns for investors.
“More broadly, this trend indicates rising confidence in Zimbabwe’s organised retail space, even as the informal sector continues to dominate parts of the economy.”
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