Shoprite Leaving Nigeria After 15 Years?

ShopRite To Leave Nigeria
One of the few well organised African grocery retailers, Shoprite, is said to be planning its exit from the continent's most populated country, Nigeria, after 15 years.

The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.

A number of South African retailers have struggled in the Nigeria market and most recently Mr Price has exited the market after Woolworths did the same six years ago.


In the statement, Shoprite said the results for the year do not reflect any of their operations Nigeria as it will be classified as discontinued operation.

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.

As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.
###


Share this PostPin ThisShare on TumblrShare on Google PlusEmail This

Comments