JUST IN: Shoprite Leaves Nigeria

Africa’s biggest grocery retailer, Shoprite, has announced it would be leaving Nigeria after 15 years of doing business in the country,

To that effect Shoprite has begun a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.

In the statement released on Monday titled “Operational And voluntary Trading Update: 52 Weeks Ended 28 June, 2020”; the South African owned retailer said the results for the year do not reflect any of their operations in Nigeria as it will be classified as discontinued operation.

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.

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.

According to the statement as a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

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