Africa’s largest food retailer,Shoprite has sold its Nigerian operations to a company owned by a group of local investors led by property firm Persianas Investment, Ketron.
Shoprite’s announcement comes months after another South African brand, Mr. Price, exited the market.
With the acquisition of the 25 outlets in eight states — approved by Nigeria’s federal competition and consumer protection commission, Shoprite is the latest South African business to pull out from the West African nation due to supply-chain disruptions and repatriation of funds.
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.
Ketron has plans to keep open new Shoprite outlets and display more Nigerian-made products.
Other foreign companies, such as Mr. Price Group, Woolworths and Truworths International have encountered similar operational challenges when doing business in Nigeria’s market resulting in their departure from the country’s market —
