Shoprite announces plans to leave Nigeria

Shoprite announces plans to leave Nigeria
Popular shopping center, Shoprite announces its intention to leave Nigeria.

Shoprite, the largest food retailer in Africa, 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 controlling stake in its supermarkets in Nigeria, it said in a statement to negotiate for the 52 weeks to end. June, which was posted on Monday August 3. .

Bloomberg reports that Shoprite is considering selling its Nigerian operations. This process was started after the retail chain said in November it was reviewing its supermarket business outside South Africa and would consider leaving some countries if that helped reverse the decline. regional sales.

Shoprite has reportedly been grappling with currency-induced surges in inflation in several other African countries.

International supermarkets (excluding Nigeria) contributed 11.6% to group sales and recorded a 1.4% drop in sales compared to 2018. South African operations contributed 78% of overall sales and increased experienced an increase of 8.7% for the year.

Due to the COVID-19 lockdown, customer visits fell 7.4%, but average shopping cart spend increased 18.4%.

It comes just weeks after it was revealed that another popular retail store, Mr Price Group, is considering shutting down his Nigerian business to focus on business in the domestic market in South Africa.

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