Shoprite denies reports about its exit from the Nigeria market

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Ndaman Joshua Olayinkahttp://www.yinksmedia.com
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Nigeria largest food retailer, ShopRite Nigeria has denied reports that it intends to exit the Nigeria market. The Cape Town based retailers plans to expand the food retail business in Nigeria by engaging Nigeria investors that share in the vision. The vision by the company is to create a Nigerian business run and owned by Nigerians for the Nigeria consumers and market.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, 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 gave 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 to 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 showed that group sales for international supermarkets except Nigeria was 11.6% , and 1.4% decline in sales from 2018. The company operations in South African contributed to 78% of overall sales and 8.7% rose for the year.

The Coronavirus pandemic and lockdown which affected it’s business operation this year resulted to a decline in customers visits by 7.4% with the average basket spend increased by 18.4%.

Source: Vanguard

Also Read: Shoprite to close down business in Nigeria after 15 years

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