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Another Shoprite Coming To Nigeria. by obo389(m): 12:01am On Apr 27, 2016 |
Pick n Pay, another South African retail mall in the
mould of Shoprite, has announced plans to come into
the Nigeria market.
The company, which posted a 26-percent increase in
profit for 2015, said it had examined the opportunity in
Nigeria and will be investing in the country.
“A key part of the Group’s strategy is to establish a
second engine of growth in markets in the rest
of Africa,” the group said in its results posted on
Tuesday.
“The group has examined the opportunity in Nigeria in
detail, given the opportunity for long-term growth in
that market.
“Following extensive on-the-ground market and
consumer research over the past two years, the group
will partner with Nigeria Stock Exchange-listed
AG Leventis to enter the Nigerian market.”
The company says it is acquiring 51 percent of Leventis
Foods and operate on both small and big scales to meet
different Nigerian needs.
“AG Leventis has nearly 90 years’ trading experience in
the country, with substantial expertise in the FMCG,
motor vehicle, supply chain logistics and real estate
sectors, and notable FMCG capabilities through Leventis
Foods.
“Pick n Pay will hold 51% of the operation which will roll
out a combination of large and smaller formats to meet
consumer needs in Nigeria, offering ranges tailored to
local customer needs.”
Despite economic crisis, Shoprite posted an 8.8 percent
rise in profits, most of which came from outside South
Africa.
The company made it clear that the Nigerian market was
resilient in its response to the current financial
challenges in the country.
“The group’s results were boosted by strong growth in
the major markets where it trades outside South Africa,”
Shoprite said in its half-year result.
“The economies of oil-rich Angola and Nigeria showed
surprising resilience despite the challenges brought
about by the steep drop in the oil price.” source : https://www.thecable.ng/another-shoprite-is-coming-to-nigeria
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Re: Another Shoprite Coming To Nigeria. by Nobody: 3:39am On Apr 27, 2016 |
Same South African who can't stand us in their country. Well they say when you See an opportunity, capitalism on it. |
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