Shoprite has come out to shoot down the rumors that they are selling out and intends to shut down their outlets across Nigeria. In a telephone conversation with the Vanguard, the Country Director for Chastex Consult, Ini Archibong, said :
“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 gave 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 to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”
Nigerians had earlier on taken to Social Media to react over the reports that have been 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 Nigerian market after some South African owned retailer shops exited the Nigeria market. The report further stated that Shoprite’s results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation. The report also said international markets excluding Nigeria contributed 11.6 percent to the group sales and reported a 1.4 percent decline in sales from 2018. South African operations contributed 78 percent of the overall sales and saw an 8.7 percent raise for the years. The report went further to say that as a result of the lockdown, customers’ visits declined 7.4 percent but the average basket spends increased by 18.4 percent.
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