Last updated on September 11th, 2021 at 02:36 pm
Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years.
The Cape Town-based retailer has started a formal method to consider the practicable sale of all or a majority stake in its supermarkets in Nigeria, it stated in a trading statement for the fifty two weeks to give up June launched on Monday.
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.
In the statement, Shoprite said the results for the year do not reflect any of their operations is Nigeria as it will be categorized as discontinued operation.
International supermarkets (excluding Nigeria) contributed 11.6% to team sales, and suggested 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and noticed 8.7% upward push for the year.
As a result of lockdown, client visits declined 7.4% however the average basket spend accelerated by 18.4%.
(Fin24)
Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…
Family members struggling after one week after of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…
The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…
In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…
The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…
Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…
This website uses cookies.