SHOPRITE to exit Nigeria after 15 years

South Africa’s grocery retailer ShopRite is leaving Africa’s biggest market, Nigeria, 15 years after it opened shop in the West African country.

The announcement by ShopRite came months after another South African brand, Mr Price, exited the market.

International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

The company said it has been approached by potential investors willing to take over its Nigerian operations. It said it considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Only eight states have complied to National Economic Council resolution- NCC

Just eight out of thirty-six states that have complied with the resolution of National Economic ...