ShopRite Moves To Stop Operations In Nigeria
Shoprite, Africa’s biggest grocery retailer, has announced plans to leave 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, which was released on Monday, August 3.
ShopRite has said it will be pulling out of Africa’s biggest market, Nigeria after 15 years of Operation in the country.
The announcement by ShopRite came months after another South African brand, Mr Price, exited the market.
However, ShopRite is not the only South African country leaving Nigeria. In June, Mr. Price Group also stated plans to close its Nigerian business to focus on its home market business in South Africa.
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The popular affordable clothing, sport, and home wear brand has closed four out of its five Nigerian stores and expects to close the last one in the coming months.
Nigeria is the third country where the company has exited, as it had left Australia and Poland in 2019.
The Durban-based company cited challenges like supply-chain disruptions and challenges in getting funds out of the country as reasons it has struggled to operate in Nigeria.