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We Are Only Opening Doors For Nigerian Investors-Shoprite

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4 years ago

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Speculations about grocery company, Shoprite leaving Nigeria has been debunked.
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Chastex Consult, the parent company of Shoprite refuted the speculation that went viral on Nigerian social media on Monday, August 3.
Speaking on the speculation, Chastex Consult’s Country Director, Ini Archibong said the company was not leaving.
Archibong said rather than depart the  country, it was opening up the investment for Nigerians.
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 have only just given this opportunity to Nigerian 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 as many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

In November 2019, Shoprite had announced that it was reviewing its supermarket operations outside South Africa and would consider exiting certain countries if that would help reverse regional sales declines.

Shoprite has been battling currency-induced inflation surges in several other African countries.

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

As a result of the COVID-19 lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

Bloomberg has also reported that Shoprite is considering selling its Nigerian operations. This process was initiated after the retail chain said in November that it was reviewing its supermarket operations outside South Africa and would consider exiting certain countries if that would help reverse regional sales declines.

Shockingly, this comes just weeks after another popular retail store, Mr. Price Group announced plans to close its Nigerian business to focus on its home market business in South Africa.

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