₦airaland Forum

Johannesburg, South Africa – South African grocery retailer, Pick n Pay, has announced its decision to exit the Nigerian market. The company will sell its 51% stake in a joint venture as part of a broader restructuring strategy aimed at improving its financial performance outside of its home market.


Pick n Pay, which entered Nigeria less than five years ago through a partnership with A.G. Leventis (Nigeria), currently operates only two stores in the country. Its first store, located in the upscale Victoria Island area of Lagos, was opened in 2018.

The retailer’s exit from Nigeria follows a trend of multinational companies leaving the African nation due to profitability challenges. Pick n Pay itself has been struggling financially, reporting a larger half-year loss driven by trading losses in its core supermarket operations and rising borrowing costs.

Despite these challenges, the company reported positive performance in its clothing and online businesses, as well as encouraging improvements in its company-owned supermarkets. CEO Sean Summers expressed optimism about reducing trading losses in the Pick n Pay business by up to 50% for the full year.

Meanwhile, Pick n Pay’s discount Boxer division continues to thrive, with trading profit increasing by 16%. The company plans to list Boxer on the Johannesburg Stock Exchange by the end of the year, aiming to raise up to 8 billion rand ($452 million) in what could be the continent’s largest offering this year.

justtoodark:
they should just all leave....

importin things and then wonderin why nobody can afford it....

things are much cheaper in local markets....
nonesense....pity anybody that wants to live western style in nigeria....na your budget go suffer ram....

Zooposki:
I have no idea why Nigerians patronize these South African companies. The money they get allows them to take care of the South African people spreading propaganda against us on Social Media. I wish Nigerians will create a viral # to boycott all South African businesses in Nigeria.

Zooposki:
I have no idea why Nigerians patronize these South African companies. The money they get allows them to take care of the South African people spreading propaganda against us on Social Media. I wish Nigerians will create a viral # to boycott all South African businesses in Nigeria.

Mindlog:
Nigeria has a huge population with very low purchasing power high cost of operations.

kcprince:
Diesel cost is now a big deal for businesses as well as salaries . If your workers spends 30k to come to work in a month, at least they will be demanding 90k and you cannot transfer these cost to the consumer because those ones are ready to leave your product for you .

Zooposki:
I have no idea why Nigerians patronize these South African companies. The money they get allows them to take care of the South African people spreading propaganda against us on Social Media. I wish Nigerians will create a viral # to boycott all South African businesses in Nigeria.

Zooposki:
I have no idea why Nigerians patronize these South African companies. The money they get allows them to take care of the South African people spreading propaganda against us on Social Media. I wish Nigerians will create a viral # to boycott all South African businesses in Nigeria.