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Confusion as ShopRite debunks exit reports

Shoprite nigeria

Earlier today, there were reports making the rounds that ShopRite, the South African grocery retailer, was leaving Nigeria. The news that ShopRite is leaving came months after Mr Price, exited the market.

According to the reports, international supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported a 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw an 8.7% rise for the year.

However, a report by Vanguard has revealed that ShopRite is not leaving Nigeria. The news outlet spoke with the Country Director for Chastex Consult, Ini Archibong and he emphatically stated: “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 just given 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 as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

ShopRite opened its first store in Lagos in December 2005. Since opening its Lagos outlet, it has launched an additional 25 stores across eight states in the Federation including the Federal Capital Territory (FCT), Abuja.

Shoprite Holdings Limited operates more than 2,934 outlets in 15 countries across Africa and the Indian Ocean Islands.

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