South Africa’s grocery giant Shoprite, is pulling out Africa’s most populated country, Nigeria, after 15 years.
Report reaching vista.ng suggests that Shoprite has commenced a formal process to consider the potential sale of all its majority stake in its supermarkets in Nigeria, This is contained in a trading statement for the 52 weeks to end June released on Monday.
The grocery giant have struggled in the Nigeria market and most recently Mr Price has exited the market after Woolworths did the same six years ago.
According to statement put out by Shoprite, the results for the year do not reflect any of their operations is Nigeria as it will be classified as discontinued operation.
The report states that 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 lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.