McCormick Property Development (MPD) is making a bold move into Zimbabwe’s retail sector with plans to build a $100 million (about R1.65 billion) shopping mall in Harare.
The project, known as Mall of Zimbabwe, marks the company’s latest expansion into Africa and reflects growing confidence in Zimbabwe’s retail market despite long-standing economic challenges.
“The time is right,” says McCormick
MPD 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.
Speaking to Business Day, McCormick said MPD will lead the property development, while Exemplar will assist with leasing.
He believes that Zimbabwe’s true level of economic activity is not fully captured in official figures.
“There’s a lot happening economically in Zimbabwe that simply doesn’t show up in the formal GDP numbers,” McCormick said.
A familiar risk for an experienced developer
Founded in 1983, MPD has built its reputation by developing retail centres in previously under-served areas across South Africa, particularly townships.
“As developers of township retail in South Africa for the last 45 years, we’ve always gone where angels fear to tread,” McCormick said. “So I’d say we’re no more fearful of Zimbabwe.”
That experience, he said, gives the company confidence to invest in markets others may overlook.
McCormick secured the land over a decade ago
MPD acquired the land earmarked for the Mall of Zimbabwe around 12 years ago, choosing to wait until conditions aligned with its long-term strategy.
McCormick said the current environment mirrors the debates around South Africa’s township economies, which often outperform what official statistics suggest.
“There’s no doubt in our minds that the time is now right,” he said. “In much the same way that formal economic figures in our townships don’t tell the full story, I think the same applies to Zimbabwe’s GDP.”
Why McCormick sees value in building in Zimbabwe
McCormick 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.
Once completed, the Mall of Zimbabwe is expected to add a major retail hub to Harare’s landscape and signal renewed investor interest in the country’s property sector.
