Shoprite Announces Plans To Pull Out Of Nigeria

The cape Town based retailer has started a formal process to consider the potential sale of all the or a majority stake in its supermarkets in Nigeria,this was after shoprite,Africa’s biggest grocery retailer,has announced plans to leave Nigeria after 15 years.

It is said in a trading statement for the 52 weeks to end in June,which was released today Monday,August 3

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It was reported that shop rite has been battling currency induced inflation surges in several other African countries.

It was reported by Bloomberg that shoprite is considering selling its Nigeria operations.

however the process was considered after the retail chain said in November that it was reviewing its supermarket operations outside south Africa and would consider moving out of some countries to no if that will help reverse the regional sales shutdown.

Due to the Covid19 out break customers visits declined by 7.4% but the average basket spent increased by 18.4%.

This comes a week after it was reported that another popular retail store,Mr.Price Group, is making plans to close its Nigeria business in order to focus in home market business in south Africa .

Report also shows that international supermarkets(excluding Nigeria) has contributed 11.6% to group sales ,and reported 1.4% decline in sales as of 2018. Overall sales contributed by south Africa operation was 78% , which led to 8.7% rise for the year.

Nigerians has been reacting since the was released earlier this morning!!!

A man identified as Mr Onye Nkuzi @cchukwukudebelu said that ,the exit of shoprite from nigeria should tell us what we need to know about the size of the Nigeria consumer market and the economic incompetence of the present Administration.

He further pointed out that Leventis and Kingsway stores suffered the same fate under a previous Buhari Administration.

Other comments has shown that shoprite had a bad 12months uptill June 2020.!!!!! wow,it’s a pity for Nigeria.

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