Business Reporter
OK Zimbabwe’s newly reinstated chief executive, Mr Willard Zireva, has unveiled a comprehensive turnaround strategy for the retail giant, describing the company’s recent state as a “painful” sight.
Speaking exclusively on CapitalkFM’s Business Focus Show, Mr Zireva detailed plans to restore financial stability, mend supplier relations and rebuild consumer trust.
Mr Zireva, who returned from retirement to lead the company, told listeners that when he came back he found a business weighed down by debt, with “strained supplier relations, empty or almost empty shelves in most branches, and, naturally, lost consumer support.”
He called the situation painful to witness but expressed a belief that it presented an opportunity for renewal.
“It was painful to see, because OK Zimbabwe has always been a trusted household name.
“But I didn’t see defeat — I saw an opportunity for renewal. I must emphasise that the turnaround is a process, not a one-day event. But I am encouraged by the positive way everyone — our customers, suppliers and staff — is walking with OK Zimbabwe on this journey,” said Mr Zireva.
To address the immediate financial challenges, the company has raised US$20 million through a rights issue and is expecting an additional US$10,5 million from the sale of immovable assets.
This fresh capital has enabled OK Zimbabwe to partially settle its debts and strengthen its working capital, he said.
According to Mr Zireva, the company has also reopened dialogue with suppliers and is renegotiating terms to ensure a steady flow of products.
Mr Zireva outlined a clear roadmap for the company’s revival, focusing on three key pillars. The first is financial stability, which involves completing debt repayments, safeguarding working capital and securing steady stock.
The second pillar is operational excellence, which entails streamlining costs, refurbishing key stores and retraining staff to deliver world-class service. The third pillar is transparency and governance, which includes reconstituting the board, implementing tighter controls and committing to regular, open updates for investors and the market.
Acknowledging the brand’s deep connection with Zimbabweans, Mr Zireva said the company has launched a new theme, “OK, Moving Forward, Stronger with You,” to reconnect with customers.
He stated that the company is reintroducing community-driven promotions and investing in customer engagement through both in-store activities and digital platforms.
Mr Zireva concluded with a resolute message to all stakeholders: “We are back, and we are here to stay.”
He thanked suppliers for their patience and staff for their dedication, emphasising that the turnaround is a process that the company is happy to be walking side by side with all stakeholders.
“But let me stress again — this is a process. We are building systematically, and while there will be challenges along the way, the direction is positive and encouraging. Every day, we see signs that OK Zimbabwe is regaining strength,” said Mr Zireva.