After 15 Years Of Operation, Shoprite Exits Nigeria.

After 15 Years Of Operation, Shoprite Exits Nigeria.

After 15 years, Africa's largest grocery store, Shoprite, is leaving Nigeria, the most populous country on the continent.

As indicated by News 24's report, the Cape Town-based retailer has launched a legal procedure to evaluate the possible sale of all or a majority stake in their supermarkets in Nigeria, said in a trading statement published on Monday for the 52 weeks to end of June.

The Shoprite 's departure from the country comes at a time when many South African retailers are struggling to gain a foothold in the ever competitive retail market in the country.

Mr Price recently pulled out of the market after the company started operating at a loss in Nigeria.

If you remember, six years ago Woolworths did the same.

Shoprite said in the statement that the results for the year do not reflect any of its operations is Nigeria as it will be listed as discontinued activity.

International supermarkets (excluding Nigeria) contributed 11.6 percent to group sales, with sales down 1.4 percent from 2018. Operations in South Africa contributed 78 per cent to total revenue and saw an improvement to 8.7 per cent for the year.

Customer visits decreased 7.4 percent as a result of the lockdown, but overall basket spending increased by 18.4 percent.

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