ShopRite, a popular grocery retailer has disclosed plans to leave Nigeria after 15 years of operation due to decline in sales.
According to a trading update filed on the Johannesburg Stock Exchange on Monday, the company said it had been approached for a potential buy over by some Nigerian investors.
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“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time,”.
The trading update showed that International supermarkets (excluding Nigeria) contributed 11.6 per cent to group sales and reported 1.4 per cent decline in sales from 2018.
There has been anxiety amongst Nigerians over the imminent shutdown of the retail stores as many feared this would leave many jobless.
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