in ,

CryCry OMGOMG WTFWTF

BREAKING: ShopRite launches the departure process after 15 years

ShopRite to withdraw from Nigerian market after 15 years

ShopRite, South Africa’s supermarket chain, is leaving Nigeria 15 years after the West African nation opened its shop.

In December 2005 Shoprite opened its first store at Lagos.

In a trading statement that was filed Monday morning at the Johannesburg Stock Exchange, the retail giant said it was preparing to suspend its activities in Nigeria.

Foreign supermarkets (excluding Nigeria) added 11.6 percent to group revenue and recorded a decrease of 1.4 percent from 2018 in revenue.

shoprite people standing

Operations in South Africa contributed 78 per cent to total revenue and saw an growth to 8.7 per cent for the year.

The organization said prospective buyers eager to take over its activities in Nigeria have approached it.

It said it was considering selling its company outright or selling a majority stake in its Nigerian subsidiary.

“In accordance with our re-evaluation of the Group’s operating model in Nigeria, following approaches from different potential buyers, the Board has agreed to start a structured process to evaluate the possible selling of any or a majority stake in Retail Supermarkets Nigeria Limited , a subsidiary of Shoprite International Limited.

 

“So, as Shoprite publishes its results for the year, Retail Supermarkets Nigeria Limited will be listed as a discontinued service. Any more changes will be made available to the company in due time, “read part of the report.

What do you think?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0
Prof Yemi Osinbanjo

Npower leaders: Past and present; who’s your favorite?