ShopRite Debunks Plan To Exit Nigeria
ShopRite Nigeria has reacted to the rumour making the rounds on the company’s purported plans to leave Nigeria, fifteen years after it started operations in the country.
The Country Director for Chastex Consult, Ini Archibong in a phone interview with Vanguard explained that Shoprite is not leaving Nigeria.
Archibong, who noted that the company is opened to Nigerian investors wondered if any business owner would abandon close shop after investing over a $30billion in such business.
He said the company decided to offer Nigeria investors the opportunity to come in and also help drive its expansion plan in Nigeria.
He stated that there is no truth in that report 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.
Everyevery.ng had earlier reported that International markets excluding Nigeria contributed 11.6 per cent to the group sales and reported a 1.4 per cent decline in sales from 2018.
Also, South African operations contributed 78 per cent of the overall sales and saw a 8.7 per cent rise for the years.