Breaking! Shoprite Exits Nigeria After 15 Years


Africa’s biggest grocery retailer, Shoprite, is exiting 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.

MUST READ:  [Music] DJ Cuppy Ft. Teni – Litty Lit

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 is Nigeria as it will be classified as discontinued operation.

MUST READ:  FOR THE GRAMMY!! Here’s What Celebrities Are Saying About Burna Boy’s Twice As Tall

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%.

The post Breaking! Shoprite Exits Nigeria After 15 Years appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.

MUST READ:  D’banj And His Wife, Didi Lineo Celebrate Their 4th Wedding Anniversary

Source: News update


Next Post

20 Missing As Bandits Kill Six Persons In Nasarawa State

Mon Aug 3 , 2020
Post Views: 243 12 ★★★★★★★★★★★★★★★★★★★★★ CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP ★★★★★★★★★★★★★★★★★★★★★ No fewer than six persons have been killed by some bandits suspected to be Fulani herdsmen in Daisy, Umaisha Development Area of Nasarawa State. It was gathered that over 12 houses were razed by the gunmen during the […]
Copyright All right reserved Theme: Default Mag by ThemeInWP