Bulawayo’s Economic Resurgence: Fairgrounds Retail Centre Signals New Era of Investment

Bulawayo, Zimbabwe – The business community and various stakeholders in Bulawayo have lauded the significant US$12 million investment in the upcoming Fairgrounds Retail Centre. This state-of-the-art development is poised to become a prominent feature within the Zimbabwe International Conference and Exhibition Smart City (ZICES) in Bulawayo, marking a pivotal moment for the city’s investment landscape.

The project, spearheaded by Terrace Africa, aims to deliver a modern shopping complex that will rival the scale and design of Harare’s recently commissioned Greenfields Retail Centre. Construction is slated to commence in the coming weeks, with an anticipated completion date by the end of 2027, as confirmed by ZITF Company board chairperson Mr. Busisa Moyo during a post-ZITF 2026 press briefing.

Mr. Moyo elaborated on the financial aspects, stating, “The Terrace Africa investment is US$12 million and the land value we say it’s US$3 million, so between US$12 and US$15 million for the value. The estimated square meterage of the shopping mall 7 000 square meters (sqm).” He also noted strong tenant interest, with “Occupancy currently stands at 95 percent in terms of tenants. So tenants are almost done; we have 5 percent of space left. That is what we can share publicly at this moment.”

During the recent foundation stone laying ceremony, Industry and Commerce Minister Mangaliso Ndlovu was present as Terrace Africa managing director Mr. Brett Abrahamse reiterated his firm’s commitment to the project’s timeline. Mr. Abrahamse expressed enthusiasm for the broader master plan, stating, “I think what ZITF Company has come up with, in partnership with us, the broader master plan, is a change in tide.” He further emphasized the symbolic importance of the day, not just for the retail centre but for the future developments in Bulawayo.

Highlighting Terrace Africa’s extensive experience, Mr. Abrahamse remarked, “This will be our 14th retail centre or project in Zimbabwe, and this is not new to us. We have done this over and over. Just two weeks ago, President Mnangagwa unveiled our latest project, which is the Greenfields Retail Centre. The Fairgrounds Retail Centre project is shaped in a very similar skeleton to that one, and I think it is going to be as successful, if not more successful.” He also praised Bulawayo as a city rich in history, culture, and identity, whose economy has been patiently awaiting such a transformative development.

Mr. Louis Herbst, former vice president of the Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland Chapter and a prominent businessman, views the development as more than just a retail hub. He asserted, “It is a signal to the market that Bulawayo is once again investable, bankable and capable of absorbing modern, large-scale capital projects. For years, the narrative around Bulawayo has been one of industrial decline and capital flight.”

Mr. Herbst believes that “Projects of this nature begin to reverse that narrative. Retail developments are often underestimated, but they are powerful economic anchors. They stimulate downstream and upstream activity — construction, logistics, SME (small and medium business) participation, employment creation and consumer market confidence.” He also highlighted the project’s alignment with global urban development trends, positioning Bulawayo within a smart city ecosystem that promotes mixed-use, technology-enabled, and sustainability-driven growth.

While acknowledging Terrace Africa’s entry as a breakthrough, Mr. Herbst stressed the necessity of a
mindset shift to attract further investments. He pointed out, “There is still a degree of resistance — administrative, cultural and sometimes political — that slows progress unnecessarily.” He urged the city to streamline approvals, adopt a pro-investment stance, and enhance public-private collaboration to unlock sustained capital inflows.

Mr. Herbst also referenced critical data from the Zimbabwe Investment and Development Agency (ZIDA), which indicated increased inflows into Bulawayo in the fourth quarter of 2025. He stated, “Investment inflows are the earliest measurable indicator of economic turnaround. For Bulawayo, this is the re-entry point into industrial relevance.” He emphasized that early-stage recapitalization across diversified sectors creates a significant multiplier effect.

ZNCC Matabeleland regional manager Mr. Mduduzi Ncube echoed these sentiments, describing the Fairgrounds Retail Centre as a significant milestone that signals renewed investor confidence and reinforces Bulawayo’s strategic position as a key economic hub. He noted, “The establishment of a modern retail centre within the ZICES framework speaks directly to the ZITF 2026 thrust of building connected economic ecosystems — where trade, commerce and infrastructure converge to enhance productivity and investment appeal.”

Mr. Ncube emphasized the need for continued improvements in the ease of doing business, including efficient regulatory processes and investor-friendly policies. He stated, “Importantly, sustained engagement between the business community and local authorities will ensure that Bulawayo remains responsive, competitive and aligned with investor expectations — consistent with both the ZITF and ZNCC thematic focus on competitiveness and integration.” He views such developments as part of a broader trajectory towards economic revitalization.

Dr. Shynet Chivasa, an institutional business analyst at Lupane State University, highlighted the project’s role as a physical showcase of policy-driven reindustrialization. She stated, “This reinforces Bulawayo as a viable destination for retail, logistics and tourism-linked investments. It creates employment and improves Bulawayo’s gross domestic product.”

To attract more large-scale projects, Dr. Chivasa recommended consistent regulatory and fiscal incentives, including clear zoning and tax-incentive frameworks for mixed-use developments. She added, “For infrastructure and utilities, there is a need to invest in reliable power, water, roads and fibre connectivity around priority nodes like ZICES and the central business district to reduce investors’ ‘hidden costs’ of doing business.” She stressed the importance of translating inflows into operational projects and upgrading skills and infrastructure to sustain competitiveness.

Economic commentator Mr. Morris Mpala welcomed the development, noting its potential to ignite further investments. He stated, “It ignites and excites other investments into the city. Bulawayo needs to showcase what investment opportunities it has to potential suitors and show that it can carry investments of this quantum in terms of return on investment.” He also emphasized the need for the city to address the ease and cost of doing business, particularly concerning water supply.

Mr. Mpala observed that the significant investment inflows recorded in the fourth quarter of 2025 reflect the city’s potential, which must be fully embraced. He believes this development cements Bulawayo’s status as a safe destination for capital, urging the city to reimagine its industries and discard outdated business models.

Economic analyst Mr. Reginald Shoko described the Fairgrounds Retail Centre as a game-changer and the first phase of a planned US$300 million smart city. He concluded, “This shatters the city’s drought of Grade A infrastructure and sends a clear signal that private capital is betting on Bulawayo again. With a multiplier effect on jobs, property values and complementary businesses, this could be the turning point that breaks the long cycle of investor hesitance, while showing that the second-largest city is open for business.”