Unconfirmed reports say South Africa Retail franchise ShopRite is set to exit Nigeria After beign Nigeria’s Largest food retailer for 15 years.
Since opening their first store in Lagos in December 2005, ShopRite became the largest retail franchise in Nigeria by their massive bulk buying power, as they sold variety of food products, household goods and small appliances.
However, shop-rite has revealed that it has begun formal process to consider the sale of all it’s majority stake as they are opened to potential investors willing to take over its Nigerian enterprise.
Most South African retailers have flounder in the Nigeria trade as recently, Mr Price exited the Nigerian market.
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.
ShopRite said in a statement on Monday.
“The results for the year do not reflect any of our operations is Nigeria”.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,”
However many Nigerians has reacted to this development as many Netizens took to Twitter to spew their concerns.
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