South African Retail Giant, Shoprite, Joins Partners To Exit Nigeria

After the exit of Mr. Price recently from Nigeria after Woolworths did the same six years ago, Shoprite, arguably Africa’s biggest grocery retailer, will be taking an exit from Nigeria any moment from now.
This is according to a statement from the firm, which indicated that it will be ceasing its operation from 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 supermarkets in Nigeria, saying that trading statements for the 52 weeks to end June would be released on Monday (today).
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 Shoprite 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 shows increased by 18.4%.