ShopRite to finally leave Nigeria – details here
ShopRite to finally leave Nigeria after functioning in the country for over 15 years since the South African retail company first arrived Nigeria
The retail company is leaving Africa’s most populated country, Nigeria, after 15 years of functioning in the country.
According to a report today by News 24, 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
This also revealed that it said in a trading statement for the 52 weeks to end June released on Monday, August 3, 2020
Shoprite leaving from the country is coming at a time when many South African retailers are struggling to get a hold in the country’s ever competitive retail market.
Recall that just recently Mr Price left the market after after the company reported they were running at a loss operating in Nigeria.
Also recall that Woolworths also left Nigeria six years ago following a decline in sales and marketing in the country
In a new statement today, Shoprite said the results for the year do not reflect any of their operations is Nigeria as it will be classified as discontinued operation.
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