“Time Is Right”: SA Property Tycoon To Invest R1.6 Billion Into Mall of Zimbabwe

• McCormick Property Development plans to build a R1.65 billion shopping mall in Harare
• The developer bought the land over a decade ago and believes Zimbabwe's economic activity is stronger than official figures show
• The Mall of Zimbabwe is set to launch in 2028, creating over 3,000 jobs

A South African property development company is making a bold move into Zimbabwe's retail market with plans to build a R1.65 billion shopping mall in the country's capital city. McCormick Property Development announced the ambitious project, known as Mall of Zimbabwe, which will be located in Harare and is expected to become the country's first fully enclosed, air-conditioned regional shopping mall. The developer's founder, Jason McCormick, who is also the chief executive of Exemplar REITail, said the timing is finally right to bring the long-planned development to life after waiting over a decade.

McCormick explained that he believes Zimbabwe's true level of economic activity is not fully captured in official figures. He pointed out that there's a lot happening economically in the country that simply doesn't show up in formal GDP numbers.

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McCormick Property Development secured the land for the Mall of Zimbabwe around 12 years ago but chose to wait until conditions aligned with the company's long-term strategy. McCormick said the current environment mirrors the debates around South Africa's township economies, which often perform better than what official statistics suggest.

He also pointed to cost advantages as a key factor behind the investment, saying it is cheaper to build in Zimbabwe than in South Africa. Lower development costs, combined with strong informal economic activity, make the project commercially attractive.

According to a report from Structure and Design Zim, McCormick has decided to scrap the old plans and completely redesign the project, saying the historic designs weren’t modern enough for the prime 16-hectare site in Borrowdale, Zimbabwe’s wealthiest and fastest-growing area. The development aims to become the top retail and commercial hub in the country, with room to grow for decades.

Confident in its success, McCormick expects to meet the initial goal of 45,000 square metres even without immediate support from South African retailers. The mall will offer shopping, dining, workspaces, and family activities, including a big food court.

Mixed reactions to the bold investment

Social media users shared their thoughts on the project, stating:

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@eddie_nesh wrote:

"Zimbabwe 🇿🇼🇿🇼🇿🇼 is open for business. Zim is for Africans."

@jonathan_maweto added:

"Eastgate building is doing well despite the owners being South Africans. Mixture of shops and offices, and it's in the heart of the CBD of Harare."

@mbulelo_mankonkwana suggested:

"Zimbabwe must now adopt the rand... There should be talks between the two countries."

@khathu_thomani gushed:

"A South African 🇿🇦developer company, McCormick Property, is looking to revamp Zimbabwe's mall - fantastic initiative!"

@trizz_mhizha commented:

"The target market is already doing well, hence the opportunity. This will ease the border influx on smaller retailers."

@zone_2 said:

"Time will tell 🫴"

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Source: Briefly News