Shoprite exits Nigeria after 15 years
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%.
Source: www.news24.com
Trending Business
Ghana’s foreign exchange reserves remains steady, reported at $6.2bn as of April 5 – BoG Governor at joint IMF, MoF presser
16:51Madina market fire: Alan Kwadwo Kyerematen pledges to establish traders' bank to address their needs
02:37Deloitte launches Technology, Media and Telecom predictions for 2024
13:05₵5.8m dumsor fine 'unlawful, null, void'- ECG rejects PURC's ultra vires sanctions on board members
12:58NPA urges users of LPG to accept Cylinder Recirculation Model
08:49Galamseyers targeting our pipelines – Genser Energy Board Chairman raises alarm
14:14IMF forecasts Ghana inflation drop to 8% by year-end
14:03Oil spillage: No cause for alarm – NPA
14:16Iran delegation calls on lands ministry for knowledge sharing in seismic activities, mineral exploration
06:22JK Horgle Transport wins TotalEnergies Most Reliable Transport Award 2023
03:43