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“We Are Not Leaving Nigeria” – ShopRite Management Denies Rumour

Shoprite

The retail company, ShopRite Nigeria has recently denied the rumour that went viral that it plans to shut down in Nigeria.

The country Director for Chastex Consult, Ini Archibong, in a telephone discussion with Vanguard, said:

“ShopRite is not leaving Nigeria.

“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right.

“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving. “I have tried to say this as too many people as I can. There should be no panic at all and all of that.

Shoprite-Memo

There is no truth in that report.”

It is no longer a news that the reports went viral that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

According to the report, the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

The report further revealed that ShopRite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.

It was added that international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018. South African operations contributed 78 per cent of the overall sales and saw 8.7 per cent rise for the years.

The report went further to say that as a result of the lockdown, customers’ visits declined 7.4 per cent but the average basket spends increased by 18.4 per cent.

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