LEADING retailer, OK Zimbabwe says it has invested more than US$3 million in this year’s edition of its OK Grand Challenge Promotion.
Group chief executive officer Max Karombo told journalists at the launch of this year’s Grand Challenge in Harare yesterday that their partners had managed to support the promotion despite the challenging trading environment.
“We have got over 500 customers who will win throughout the promotion. The greatest prize that we can give is the savings. So everyone who comes to our shops will have a chance to enjoy the greatest savings from Zimbabwean brands,” he said.
“It’s (the grand challenge) a very important element to our business. So, every year, we know that when we enter the Grand Challenge, it’s our big trading period and I can see our competitors are quaking in their boots.
“Prizes are over a million dollars and for every investment of such, we follow it usually with about US$2,5 million. In total, we will be spending almost US$3,5 million given what our suppliers come in with discounts and advertising.”
Karombo said they had had difficult trading conditions as a business arising out of consumers having very tight disposable income streams.
“So what we are promising is very exciting. We will be lowering prices. We are going to sit down with our suppliers to just give that cheer for this period. So that is the biggest achievement for us,” he said.
More than 40 supplier partners are giving away Nissan NP200 pick-up trucks at the end of the promotion.
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A Ford Ranger double-cab worth over US$60 000 will seal the promotion.
In total, about US$1 million worth of prizes are going to be won.
All 52 OK Zimbabwe stores across the country will participate in the promotion, which will give weekly winners a chance to walk away with shopping vouchers worth $40 000.
The OK Grand Challenge promotion is expected to end on June 3, 2023, with the grand draw and a jackpot horse race at Harare’s Borrowdale Race Course slated for the same day.
Launched in 1988, the grand challenge is the biggest and longest-running retail promotion in the country.
In its trading update for the third quarter ended December 31 2022, the group’s revenue grew by 18,3% for the quarter and 28,4% for the nine months to December in inflation-adjusted terms.
This is comparable to growth of 320,4% and 315,8% for the quarter and nine months to December 2022, respectively, in historical cost terms.
Profit margins remained consistent with those of prior year and in line with the group’s plans for the current year.
