Shoprite Begins To Exit Nigeria
African biggest grocery retailer, Shoprite, is planning to exit the Nigerian market after posting continuous losses in it’s operation.
The South African based retailer has started a formal process to consider the potential sale of all or a majority stake in it’s supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.
In a statement, Shoprite said the results for the year do not reflect any of their operations in 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%.
Shoprite launched in Nigeria nearly 15years ago, opening it’s first store in Lagos in December 2005.
