The biggest grocery retail business in Africa, Shoprite, has announced it is exiting Nigeria after 15 years.
The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its chain of mega supermarket shops in Nigeria, this information was made public in a statement released on Monday, August 3rd.
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 in Nigeria as it will be classified as a discontinued operation.
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.
As a result of lockdown, customer visits declined 7.4% but the average basket spends increased by 18.4%.
Photo Credit: Getty