Retail Industry News
Clothing retail outlets resume zero deposit facilities
Thursday, 13, May 2010
ZIMBABWE’S leading clothing retail outlets are now offering credit facilities without the need to pay a deposit as the market gains confidence in the economy.The facilities, commonly known as zero percent deposit credit facilities, were suspended during years of economic downturn when companies witnessed high default rates due to hyperinflation.Truworths group operations director Mr Stan Takaendisa said his organisation introduced the zero percent deposit credit facility in line with positive economic development in the country.
He said two of the group’s divisions, namely Topics and Truworths, re-introduced the credit scheme to its customers in October 2009.“Since October last year, we have been issuing credit facilities to our prospective and potential customers and now we have re-introduced a zero percent deposit credit facility with three months to pay. In the event a customer misses to make payment for the credit account that will attract a five percent interest charge,” he said.He said business in the clothing industry was still “very tough” as most of Zimbabwe’s working class population earned low salaries.
