//Breaking: After 15 years shoprite exits Nigeria

Breaking: After 15 years shoprite exits Nigeria

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)