South African developer McCormick Property Development is set to build the $100 million Mall of Zimbabwe in Borrowdale, Harare, in what will be one of the largest private retail investments the country has seen in years.
The project, which is scheduled to break ground early this year, will deliver about 90,000 square metres of shopping space and is expected to host more than 150 local and international brands. It is being positioned as a major new retail hub for the capital and a signal of growing confidence in Zimbabwe’s market.
Mall of Zimbabwe will be developed by McCormick Property Development (MPD), with Exemplar REITail supporting the leasing process. MPD founder and chief executive Jason McCormick said the company believes the timing is finally right to bring the long-planned development to life.
Why the Mall of Zimbabwe Investment Matters for Zimbabwe’s Economy
“There’s a lot happening economically in Zimbabwe that simply doesn’t show up in the formal GDP numbers,” McCormick told Business Day. “In much the same way that township economies in South Africa often outperform what official figures suggest, I think the same applies to Zimbabwe.”
McCormick said the company’s experience building retail centres in under-served markets across South Africa gives it the confidence to invest where others remain cautious.
“As developers of township retail for the last 45 years, we’ve always gone where angels fear to tread. So I’d say we’re no more fearful of Zimbabwe,” he said.
The company secured the Borrowdale land around 12 years ago and has waited for conditions to align with its long-term strategy. Lower construction costs in Zimbabwe compared to South Africa, combined with strong informal economic activity, were cited as key reasons behind the investment decision.
Once completed, the Mall of Zimbabwe is expected to create thousands of jobs during construction and support long-term employment in retail, logistics and services. The development comes as Zimbabwe seeks to rebuild infrastructure and attract private investment to drive economic growth, with the new mall set to become one of Harare’s largest and most significant retail destinations.
