Are you puzzled by Zimbabwe's ever-shifting retail property landscape? You're not alone. Whether you're a seasoned investor eyeing your next retail space or a small business owner looking for your first shop, making sense of today's market feels like solving a complex puzzle.
The retail property sector in Zimbabwe is undergoing its biggest transformation in decades. In 2024, the market pivoted dramatically from the dominance of large retailers to a vibrant ecosystem of small and medium enterprises. This shift is reshaping everything in 2025, from rental rates to investment strategies.
As Zimbabwe's leading property marketplace with over 8,000 listings across 80 cities and towns, we've gathered fresh data to guide your retail property decisions. Let's dive into what's really happening on the ground.
The Big Picture: Zimbabwe's Retail Market in 2025
Zimbabwe's retail and wholesale sector is on an upward trajectory, projected to grow from $4.1 billion to $5.2 billion in 2023 according to the Minister of Industry and Commerce. This growth isn't happening in the way most expected, though.
The days of big box retailers dominating prime locations are fading. In their place, a new breed of nimble, adaptable small businesses is emerging. These Small-to-Medium Enterprises (SMEs) are becoming the backbone of Zimbabwe's retail economy for a simple reason: they can pivot faster when economic winds change.
By the Numbers: The Retail Property Landscape
Our latest data at Propertybook reveals some eye-opening figures about the current market:
- Total retail properties available nationwide: 120
- Combined market value: $55.4 million
- Average retail property price: $462,000
- Average price per square meter: $830
These figures tell only part of the story. The real insights come when we break down the market by region.
Regional Market Breakdown: Where to Shop for Shops
Harare: The Premium Market
As Zimbabwe's capital and economic hub, Harare commands premium prices for retail space:
- Number of retail properties: 43
- Total market value: $24 million
- Average price: $558,000
- Price per square meter: $1,200
The Harare CBD remains a hotspot for retail activity, though high prices are pushing some businesses to explore emerging areas. Spaces like Joina City Shopping Mall, with 120 retail spaces and key tenants including Edgars, Truworths, and Pick n Pay, demonstrate the continued appeal of established retail centers.
For those seeking more affordable options, areas like Avondale offer promising alternatives without sacrificing too much foot traffic. However, a multitude of smaller shopping malls such as HD Mall, Century Mall and Galaxy Mall are also thriving as Harare's population grows faster than anyone seems to be able to handle.
Bulawayo: The Value Market
Zimbabwe's second city presents an interesting value proposition for retail investors:
- Number of retail properties: 32
- Total market value: $20 million
- Average price: $624,000
- Price per square meter: $666
The significantly lower price per square meter makes Bulawayo an attractive option for investors seeking better returns. While foot traffic may not match Harare's busiest areas, the substantially lower entry costs can translate to better yield potential.
Economic Headwinds: The Challenges Reshaping Retail
Let's not sugarcoat it – Zimbabwe's retail sector faces substantial hurdles:
- Persistent high inflation eroding consumer purchasing power,
- Currency depreciation complicating business planning,
- Rising informal trading creating uneven competition,
- Reduced consumer spending affecting retail sales,
These challenges aren't just numbers on a spreadsheet – they're reshaping how retail spaces are used and valued. The most successful retail property owners are those adapting to these realities rather than fighting against them.
The Shift from Large to Small
Perhaps the most significant trend we're observing is the pivot from large retail spaces to smaller, more affordable options. The days of massive department stores occupying prime real estate are giving way to multiple smaller shops sharing the same footprint.
This fragmentation creates both challenges and opportunities for property investors. While managing multiple tenants can be more complex, it also spreads risk and potentially increases total rental income.
Investment Potential: Finding Your Retail Sweet Spot
Despite the challenges, retail property in Zimbabwe offers compelling investment potential for those who understand the shifting landscape. Our analysis suggests:
- Estimated yield potential: 6-8% in prime locations
- High-value investment areas: Harare and Bulawayo city centers
- Growing opportunity: Neighbourhood retail in middle-income areas
The price range for retail properties shows considerable variation:
- Minimum entry point: $107,000
- Maximum observed: $650,000
- Median price: $330,000
This wide spectrum means there are entry points for different types of investors, from individuals seeking their first commercial property to institutional investors building a portfolio.
Emerging Retail Strategies: How Businesses Are Adapting
The most successful retailers in today's Zimbabwe are embracing new approaches:
The Neighbourhood Focus
Rather than a single large location, many retailers are opting for multiple smaller outlets in residential areas. This "go to the customer" approach reduces dependency on foot traffic while cutting transportation costs for shoppers.
The Digital Hybrid
Online retailing, while still developing in Zimbabwe, is growing rapidly. Smart property investors are looking for retail spaces that support this hybrid model – locations that can function as both customer-facing shops and mini-distribution centers.
The SME Partnership
Some larger retail property owners are subdividing spaces to accommodate multiple small businesses under one roof, creating mini-markets rather than traditional stores. This approach spreads risk while creating destination shopping locations.
Future Outlook: What's Next for Zimbabwe's Retail Property
While no one has a crystal ball, certain trends seem likely to shape Zimbabwe's retail property market in the coming years:
- Continued fragmentation of retail spaces to accommodate smaller businesses
- Growing premium on locations with reliable utilities and internet connectivity
- Increasing importance of flexible terms as economic uncertainty persists
- Rising interest in mixed-use developments combining retail with residential or office space
Strategic Recommendations for Retail Property Stakeholders
For Investors
- Consider smaller retail units with multiple tenants rather than single large spaces
- Focus on locations with diverse foot traffic sources (not dependent on a single anchor tenant)
- Prioritize properties with reliable basic services (water, electricity, connectivity)
- Be prepared to offer more flexible lease terms to attract and retain quality tenants
For Retailers Seeking Space
- Consider secondary locations with lower rents but good accessibility
- Negotiate flexible lease terms that can adapt to economic changes
- Evaluate spaces that can serve multiple functions (retail, storage, online fulfillment)
- Don't overlook the value of clustering with complementary businesses
For Property Developers
- Design with flexibility in mind – spaces that can be easily subdivided or reconfigured
- Incorporate reliable backup systems for essential services
- Consider mixed-use approaches that create built-in customer bases
- Focus on creating retail environments that offer experiences beyond just shopping
Taking the Next Step
The retail property market in Zimbabwe requires careful navigation, but offers substantial rewards for those who make informed decisions. Whether you're buying your first shop space or adding to an existing portfolio, understanding these market dynamics is essential.
Ready to explore the retail property market further? Visit Propertybook to browse our extensive listings of shops and retail spaces across Zimbabwe. Our database of over 9,000 properties, maintained by 100+ registered agencies and 2,000+ registered Zimbabwe estate agents, ensures you'll find options that match your specific needs.
For more detailed information on specific areas, check out our neighbourhood guides, or look up Property for Sale in Harare CBD or Property for Sale in Harare South.
Remember, in today's changing retail landscape, the right location is just the beginning – understanding the market trends behind the property is what truly unlocks its potential.
Data last updated: March 2025
