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South Africa’s Shoprite exits Nigeria after 15 years

Agogo Ayo News by Agogo Ayo News
August 3, 2020
in Business, News, Nigeria
South Africa’s Shoprite exits Nigeria after 15 years
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Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years.

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, it said in a trading statement for the 52 weeks to end June released on Monday.

South African retailers have struggled in the Nigeria market and most recently Mr Price has exited the market after Woolworths did the same six years ago.

In the statement, Shoprite said the results for the year do not reflect any of their operations is Nigeria as it will be classified as discontinued operation.

International supermarkets (excluding Nigeria) contributed 11.6% to group sales, and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

Tags: NigeriaShoprite
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Agogo Ayo News

Agogo Ayo News is Africa's leading news platform based in Johannesburg, South Africa

Recent Posts

  • Late Professor Peller’s Careless Words Led to His Untimely Death.
  • Kollington and Late Barrister Abandoned Ayinla Omowura’s Children after Their Father Died
  • Actress Bolaji Ogunmola Speaks on Her Experience With Colorism and How She Was Able To Rise Against All Odds
  • 17-Year-Old King Oloyode Akinghare : Youngest King in Yoruba Land
  • Nigerians Lambast Apostle Johnson Suleman for Praying Covid-19 Must Not End

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