Shoprite Initiates Process To Exit Nigeria
A shop assistant arranges products at the South African firm Shoprite’s main store in Nigeria’s commercial capital Lagos on April 29, 2010. REUTERS/Akintunde Akinleye One of Africa’s largest supermarket chains, Shoprite, has begun a formal process to exit Nigeria. In a trading update published on Monday, the South African-based company said the decision was made after “approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria.” The company said when it reports its results for the year, its business in Nigeria “may be classified as a discontinued operation.” The company’s Nigerian business posted a -6.3% decline in sales for the year ending June 2020, according to its Monday update. The company entered the Nigerian market in 2005 and its exit continues a trend of South African retail business struggling in Africa’s most populated nation. Mr Price, another South African retailer, announced plans to close its Nigerian b...