SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Trending News

ShopRite to exit Nigeria after 15 years (Update)

Blessing Osazuwa by Blessing Osazuwa
August 3, 2020
in Trending News
1
AWP Network Partners Shoprite To Fight Supply Challenges Facing Female Entrepreneurs
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

South Africa’s grocery retail giant,  ShopRite, has debunked the widespread news of its move to stop operations in Nigeria. 

Join our communityJoin our communityJoin our community

It was earlier reported that ShopRite Holdings Limited had made an announcement to leave Nigeria in its operational and voluntary trading update for the year ended on June 28, 2020.  The news comes months after another South African business,  Mr Price, exited the Nigerian Market.

Report claimed ShopRite took the decision to discontinue its Nigeria operation after 15 years, “following approaches from various potential investors, and in line with our re-evaluation of the group’s operating model in Nigeria.”

“The Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited. As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time,” the report stated.

It was stated that the company might be thriving in its home base of South Africa but the same can’t be said for other countries including Nigeria. According to reports,  its sales outside South Africa has declined by 1.4 per cent in the year under review. The company claimed the decline was as a result of the impact of the lockdown order in several African countries due to the coronavirus pandemic.

However, in a new development, the Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “ShopRite is not leaving Nigeria. We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right.

“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving. “I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Stay glued to Smartpreneur for updates.

Tags: Business InvestmentShoprite NigeriaSmartpreneur news
Previous Post

Lagos SME Bootcamp3.0: Experts point key areas SMEs should focus on for growth

Next Post

Over 3,000 MSMEs petition National Assembly over NIPOST guidelines

Blessing Osazuwa

Blessing Osazuwa

Blessing does the research to bring you needed information for success.

Related Posts

8 Questions To Determine If Your Business Will Last A Decade Or More
Trending News

8 Questions To Determine If Your Business Will Last A Decade Or More

by Blessing Osazuwa
January 20, 2023
0

It could be difficult to determine the longevity of a business. Whether a business will last for 10 years or...

Read more
Will your business be affected? Lagos begins 2023 demolition exercise
Trending News

Will your business be affected? Lagos begins 2023 demolition exercise

by Blessing Osazuwa
January 16, 2023
0

The Lagos State Physical Planning Permit Authority (LASPPA) has commenced its enforcement activities for 2023 as it recently sealed an...

Read more
Small Business Owners To Benefit From Newly Inaugurated Small Claims Court In Bayelsa
Trending News

Small Business Owners To Benefit From Newly Inaugurated Small Claims Court In Bayelsa

by Blessing Osazuwa
January 12, 2023
0

A Small Claim Court has been introduced in Bayelsa state for recovery of debts not beyond N5 million in the...

Read more
We did not register ‘Wickedness Association’ as a business entity, Says CAC
Trending News

We did not register ‘Wickedness Association’ as a business entity, Says CAC

by Blessing Osazuwa
January 12, 2023
0

The Corporate Affairs Commission (CAC) has dismissed a claim that it registered “Wickedness Association of Nigeria, Lokoja Chapter” as a...

Read more
Trending News

Four Nigerian Startups Selected for AfDB $140k AgriPitch Grant

by Blessing Osazuwa
January 10, 2023
0

Nigerian startups, Agrisiti, Duketrah Fisheries, Solaristique Nigeria Limited, and Osomobegbe Global Ventures Limited, have been selected among the 25 finalists...

Read more
Addressing informality of small businesses will enhance their access to finance- IFC
Trending News

Addressing informality of small businesses will enhance their access to finance- IFC

by Blessing Osazuwa
January 10, 2023
0

In a recent report titled ‘Market Bite Nigeria’, the International Finance Corporation revealed that the contribution of Micro, Small and...

Read more
Farmers In Ogun Receive N4.2M Loan From NDE
Trending News

Farmers In Ogun Receive N4.2M Loan From NDE

by Blessing Osazuwa
January 9, 2023
0

The National Directorate of Employment (NDE), through the Rural Employment Promotions (REP) Department, has disbursed N4.2m loan to 42 farmers...

Read more
Load More
Next Post
NIPOST issues new guidelines for courier, logistics Services

Over 3,000 MSMEs petition National Assembly over NIPOST guidelines

Please login to join discussion

Recent News

5 Key Takeaways from Spotify's Business Model: How Small Business Owners Can Increase Success and Build a Sustainable, Profitable Business

5 Key Takeaways from Spotify’s Business Model: How Small Business Owners Can Increase Success and Build a Sustainable, Profitable Business

January 26, 2023
Borrowing From Friends & Family Made Easy With These Four Steps

Borrowing From Friends & Family Made Easy With These Four Steps

January 26, 2023
Business ideas that Nigerians could develop that will appeal to both local and international customers

Business ideas that Nigerians could develop that will appeal to both local and international customers

January 25, 2023
Do not do these 5 things when you’re behind schedule in delivering orders to customers

Do not do these 5 things when you’re behind schedule in delivering orders to customers

January 25, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur