Once Prestigious Samy Levy’s Village Up for Sale
The owners, Samy Levy’s family, are asking for U$120m but will accept a U$95m offshore cash payment
Once Prestigious Samy Levy’s Village Up for Sale
Renowned journalist Hopewell Chin'ono posted on popular microblogging site X (formerly Twitter) that Samy Levy’s Village had been put on sale.
He said one of Zimbabwe’s premier shopping centre, Samy Levy’s Village, is going at an asking price of US$120 million.
Situated in Harare’s Borrowdale suburb, Samy Levy’s Village was built by the late Jewish businessman, the late Sam Rahamin Levy, in 1990.
However, his does not seem keen on maintaining the their father's legacy as they are selling the shopping complex after owning it for 34 years. Insiders in real estate say the family are willing to take a cash payment as low as US$95 million that must be paid offshore.
Once a prestigious place, the shopping complex has lost its shine due to a several reasons including the informalisation of the economy and high overheads.
Once Prestigious Samy Levy’s Village Up for Sale
Notably, Hopewell believes the decline was due to electricity shortages, as many of its tenants now use generators due to the incessant power cuts. He argues that unlike many premier shopping malls worldwide, shoppers would be welcomed by the noise of generators at Samy Levy’s Village of late.
Sharon Mazingaizo (@sharonmufaro) suggested that the complex has failed to keep up with the competition from smaller shopping centres. She wrote:
“Sam Levy's Village is up for sale. I think Sam Levy's Village has been overtaken by smaller shopping centres like Highland Park, 68 Ridgeway Way North and Honeydew Lifestyle Centre that offer more personalised experience, unique niche stores and are energy self-sufficient.”
