Reasons why Shoprites is Exiting Nigeria
Shoprite Africa’s biggest grocery retailer is set to exit Nigeria market after the company reveal this in a statement made public.
Shoprite which the largest retail shop In Nigeria Africa most populated has to decide to leave the country after doing business for 15 years.
According to reports, the South Africa owned company has been struggling to survive in Nigeria, because of the challenges of doing business. Most recently another retail shop Mr. Price exited the Nigeria market.
The 2019 world bank index placed Nigeria in 131 on 2019 World Bank’s ease of doing business index. Shoprite has begun the formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.
In a statement made Shoprite’s operations in Nigeria saw a 6.7% decline in sales for the twelve months to June 2020, according to the group’s trading statement released today.
STATEMENT FROM SHOPRITE
“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited. As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year.”
Analysts have already pointed out that this is among the effects of the harsh economic downturn that should be expected as the country falls into recession.
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