Property development company, Terrace Africa has completed a shopping centre in Tete, the capital city of Tete Province in Mozambique, marking the entrance of Africa’s largest food retailer, Shoprite, to the area.
“We are thrilled to bring this new shopping experience to Tete. The project has already provided over 300 jobs to the local community and we are confident that it will encourage further investment into the town,” Sean Oberholzer, Development Manager for Terrace Africa said in a statement.
The shopping centre is opening at a time of growing demand for a more formalised and reliable retail offering to serve the needs of people in the growing community of Mozambique, a country expected to see the fastest growth in high-net-worth individuals (HNWIs) from 2014 to 2024.
Tete is also expected to receive an economic boost later this year when the new rail corridor to Nacala is officially opened. In addition, a new coal fired power station is in a very advanced planning stage in the city strategically positioned between Zambia, Zimbabwe and Malawi, making it a potential transport and logistics hub. These qualities have attracted major international retail chains to Mozambique over the years, including SPAR, Pick ‘n Pay, among others.
“We firmly believe in the region’s long term ecomonic prospects!” Brett Abrahamse, Director of Terrace Africa, said.
According to him, the new shopping centre, Tete Junction, “is the first of many new developments and we are already under construction on similar projects in Zambia and Zimbabwe.”
“Our team is hugely enthusiastic about travel on the continent and we are excited to unlock new trading opportunities for our tenants and convenient shopping experiences for our customers,” he added.