[BREAKING] After 15 Years, ShopRite Plans To Leave Nigerian Market

South Africa’s grocery retailer ShopRite is leaving Africa’s biggest market, Nigeria, 15 years after it opened shop in the West African country. 

Grassroots.ng understands that the company has been approached by potential investors willing to take over its Nigerian operations. Although, the company is considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.

Recall that the announcement by ShopRite had came months after another South African brand, Mr Price, exited the market. 

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.