Africa’s largest grocery retailer, Shoprite, is exiting the continent’s most populated nation, Nigeria, after 15 years.
The Cape City-based retailer has began a proper course of to contemplate the potential sale of all or a majority stake in its supermarkets in Nigeria, it stated in a buying and selling assertion for the 52 weeks to finish June launched on Monday.
South African retailers have struggled within the Nigeria market and most just lately Mr Worth has exited the market after Woolworths did the identical six years in the past.
Within the assertion, Shoprite stated the outcomes for the yr don’t mirror any of their operations is Nigeria as will probably be labeled as discontinued operation.
Worldwide supermarkets (excluding Nigeria) contributed 11.6% to group gross sales, and reported 1.4% decline in gross sales from 2018. South African operations contributed 78% of total gross sales and noticed 8.7% rise for the yr.
On account of lockdown, buyer visits declined 7.4% however the common basket spend elevated by 18.4%.