ShopRite Pulling Out From Nigeria

ShopRite Pulling Out From Nigeria

By Wires Editor | The Trent on August 4, 2020
0
Ini Archibong
Shoprite

ShopRite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria.

Ini Archibong, the country director for Chastex Consult, in a telephone conversation with Vanguard on Monday, August 3, 2020, said: “Shoprite is not leaving Nigeria.

“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion investment and close shop? It doesn’t sound right.

“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.

“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Recall that reports have been circulating that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

The report further stated that Shoprite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.

The report also said international markets excluding Nigeria contributed 11.6 percent to the group sales and reported 1.4 percent decline in sales from 2018.

South African operations contributed 78 percent of the overall sales and saw 8.7 percent rise for the years.

The report went further to say that as a result of the lockdown, customers’ visits declined 7.4 percent but the average basket spends increased by 18.4 percent.

Source: Vanguard

NO COMMENTS

Leave a Comment

To leave a comment anonymously, simple write your thoughts in the comments box below and click the ‘post comment’ button.