SHOPRITE ANNOUNCES PLANS TO LEAVE NIGERIA

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SOUTH AFRICAN SUPERSTORE, SHOPRITE HOLDINGS LIMITED, HAS STATED IT WILL AUCTION ITS OUTLETS IN NIGERIA, THE NATION CAN REPORT.

THE DECISION, IT SAID, WAS INFORMED BY THE COVID-19 PANDEMIC, WHICH IT SAID HAS AFFECTED BUSINESSES WORLDWIDE.

IN ITS “OPERATIONAL AND VOLUNTARY TRADING UPDATE RELEASED ON MONDAY, THE MEGASTORES WITH PRESENCE IN VIRTUALLY ALL PARTS OF NIGERIA SAID THE RETAIL SUPERMARKETS ARM WILL BE DISPOSED. THE COMPANY ENTERED THE NIGERIAN MARKET IN 2005 AND ITS EXIT CONTINUES A TREND OF SOUTH AFRICAN RETAIL BUSINESS STRUGGLING IN AFRICA’S MOST POPULATED NATION

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