Connect with us

Hi, what are you looking for?

Business

We’re Not Leaving Nigeria, Says Shoprite Management

ShopRite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation 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 investment and close shop? It doesn’t sound right.

“We only gave 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 to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Recall that reports have been circulating 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.

The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

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

The report also said 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.

You May Also Like

Aviation

“So, we will open as soon as all of us are happy to open and I want to adopt what the national coordinator has...

Aviation

As the nation gears up for the resumption of international flights from August 29, the Director-General, Nigerian Civil Aviation Authority, NCAA, Capt. Musa Nuhu...

Uncategorized

A thunderstorm has killed 18 suspected kidnappers at a forest in Adamawa State. Sources said the men of the underworld were sharing ransom money...

Aviation

* As Government Sets Up Facilitation Committee … The Presidential Task Force on COVID-19 has said that government was working tirelessly to establish the...