Africa’s biggest grocery retailer, South Africa-owned Shoprite is exiting Nigeria after 15 years.
The Cape Town-based retailer is re-evaluating its operating model across Africa, amidst logistic concerns and the novel covid pandemic. And is considering the potential sale of majority stake of its Nigerian holdings, 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.
This was disclosed in the company’s operational and voluntary trading update that was published this morning.
South African retailers have struggled in the Nigeria market. Another South African retailer Mr.price had announced it would also exit Nigeria to focus on the South African domestic market after they closed 4 of the 5 retail outlets in Nigeria and after Truworths pulled out as well .
