₦airaland Forum

Buharidgeneral:
They are exiting the country after disinvestment some year back. It's normal in all ShopRite outlets across the country

enugu ShopRite is doing fine.
Also the ShopRite outlets in asaba and owerri are doing fine.
How can you say "it's happening across the country"?

anyilalaz:
The government of Buhari initiated the erosion of the middle class. Then the icing was Tinubu policies exacerbated the situation. Middle class is gone.

The upper class don't go to such place much. Any economy that has up to 70% of the middle class shows a booming economy.

buhari wanted to replicate the northern social pyramid across the nation.
Elite vs poor
Alhaji vs almajiri
Rich vs poor .
For buhari,in his idea of economy,you are extremely rich or extremely poor,there is no gray areas

franchasofficia:
it's all about politics.


Nigerian people's purchasing power is dying everyday. Nigerians now buy mostly what they need to survive like basic food, etc, and those that use to patronize ShopRite and other big shopping malls now go back to traditional markets due to harsh economy.


Nigeria's Middleclass population that made ShopRite and other big shopping malls and outlets to boom are almost gone; most lost their jobs, relocated to remote areas, some migrated abroad, many got kidnapped, so Nigeria currently have very insignificant Middleclass population all thanks to Bola Tinubu's thoughtless and insensitive economic policies that created more poor people than rich people in Nigeria.


So tell me how is not politics?

you are joking with demons who are turning poverty and hunger and unemployment into useful tools

This is not Tinubu .. the south African owner exitted long before Tinubu . And the new Nigerian owners that bought the ruined badly managed it .

Secondly compared to then when there were only a handful or no competition ..nowadays almost every major street in lagos or Abuja has a major groceries supermarket. Big names alike . And so shoprite can cope. The rental amount is too high gor the sellers to even reduce money on item whereas the other mall offers items lower

Walai:
They are our clients that relocated between 2015 - 2024. 50 is even a fair estimate for PH alone. Owerri, Warri and the baba of them all is Lagos.
They all Japa to Western countries majorly US, Canada, Australia, some to Germany and Switzerland for different reasons. Infact I know a US MIT trained Engr working in a major oil company then that was kidnapped twice in 6 months that left Nigeria with his family immediately.
If you have been in Nigeria, you should know what has been happening since 2015 and why they are leaving.

Chai! I can imagine the trauma he experienced. Na why I no too dey criticise folks who japa especially on security grounds.

Nigerians don't know the consequences of voting Buhari in 2015.

blacksam01:
You see oyinbo..., Fear them... If they sell you something, even if it's still looking healthy, trust me there is something going down about that thing u haven't seen yet...

When the owners of shop right announce it for sale, you will wonder what is wrong with them... Because as at then, it's malls were all very busy and bubbling with large crowd... But economics from their stables have
Let's watch as canal + is not a walk over also

I think this depends on the buyer's profile, rather than just the state of the economy. Tolaram bought over Diageo stake and increased the revenues. Asians are better off managing businesses in Nigeria. This one that Lebanese are purported to buy ShopRite, it's expect good news in the near future. Moreover, ShopRite has been failing in other African countries. That's not Tinubu's fault.

Jokerman:
Please who knows what's happening to ShopRite at Ikeja City Mall? Are they in debt??

That place is a shadow of itself... Could not get anything from there- was so pissed.

Please what happening to the Nigerian Buyer?? Or are they leaving Nigeria?

..the bad economy, rising inflation, high costs of the foodstuffs and goods, low purchasing power of Nigerians, high costs of running the shoprite supermarket, depreciation and devaluation of the naira..naira losing value all caused by the harsh economic policies and reforms of the APC government

Kinikini:
The economic hardship and the middle-class Japa affected all malls, but that was not the fatal blow that killed Shoprite. The Shoprite supply chain was not as flexible as the Nigerian-owned smaller malls. The smaller malls receive supplies from the small importers. They directly go to Lagos Island to buy and retail. Hence, they can sell at more pocket-friendly prices.
In addition, Shoprite management was not quick to respond to the antics of Nigerian workers. They lost much to in-house fraud. These are the reasons the SA guys exited Nigeria. The Nigerian owners have struggled to stabilise the business.

Not everything is about government policies. Our people actually kill businesses faster than government policies. Every business person in Nigeria will attest to this.

Our people kill businesses and cry that there is no employment.

That's why employing Indians or Lebanese to as managers for Nigerian businesses is the best. Another Nairalander attested to it. When time come, I know what to do. Even if it means employing an Indian(s) who hates Black people, I'm okay with it.

grandstar:
What thoughtless and insensitive policies of Tinubu are you complaining about?

When Buhari was destroying the economy from June 2015 was when you should have been screaming. Soludo, Lamido Sanusi and other economists had already seen the handwriting on the wall.

OBJ pleaded with Buhari not to seek re-election.in order to prevent where we are today.

When Buhari took office, 26% of government revenue was spent on debt servicing. By the time he left office, it was 97%. Imagine your salary is 100k, and you're left with 3k after servicing debt. Bubari had gone on an unsustainable borrowing spree in order to remain popular and because he was an stonewalled economicilliterate.

The net foreign reserves had only $4bn when Tinubu took office and the CBN was owing purchasers of forex $7bn. The net foreign reserves reserves refers to thecactual fx in the foreign reserves the central bank actually has access to and not the gross figure.

For context, $4bn isn't enough to cover 1 month worth of imports. A country is to have at least 4 months worth of imports cover. That's how bad it was, and to make it even worse, it was owing buyers $7bn. The severe fx scarcity led to the exit of Shoprite, GSK and other foreign companies out of Nigeria.

Soludo and Okonjo-Iweala have praised the reforms. Cardoso won the central bank award for Africa.

The net foreign reserves have grown $4bn to $40bn today, able to cover 8 months of imports.

Debt servicing now consumes less than 50% of government revenue and the sum keeps reducing. The economy is finally on the road to recovery after 8 disastrous years under Buhari.

It will take time to trickle down. It took Thailand 5 years to recover from the 1997 financial crisis. It took 6 Indonesia 6 years. The more debilitating an illness, the longer the recovery.

I agree that Tinubu's economic policies have been fair enough. The question still linger: why did those people including Obasanjo campaigned and voted for Buhari in 2015? Why? The entire mess was created by Buhari who Tinubu vigorously supported with his boys and voice.

Jokerman:
Please who knows what's happening to ShopRite at Ikeja City Mall? Are they in debt??

That place is a shadow of itself... Could not get anything from there- was so pissed.

Please what happening to the Nigerian Buyer?? Or are they leaving Nigeria?

Same with Jara, ikeja
Many thanks to our leaders

franchasofficia:
it's all about politics.


Nigerian people's purchasing power is dying everyday. Nigerians now buy mostly what they need to survive like basic food, etc, and those that use to patronize ShopRite and other big shopping malls now go back to traditional markets due to harsh economy.


Nigeria's Middleclass population that made ShopRite and other big shopping malls and outlets to boom are almost gone; most lost their jobs, relocated to remote areas, some migrated abroad, many got kidnapped, so Nigeria currently have very insignificant Middleclass population all thanks to Bola Tinubu's thoughtless and insensitive economic policies that created more poor people than rich people in Nigeria.


So tell me how is not politics?

Nay ShopRite deals mainly on imported goods. We are saying no more subsidy on imports through cheap dollar. Other super stores are springing up. JustRite is an example. Online business and home delivery has taken over.

On September 2 I ordered online and received goods worth #72k. They were delivered to my office. They are all Nigerian made products. They are all over the social media. Who get time to support South African economy through ShopRite?

yinkeys:
Politician can loot funds & go into private businesses
Can’t they ?

I gave specific names of businesses.

Is there any of them that falls under this description of politicians going into private businesses?

they are so busy screwing the population over that the only customers left in the world are government and bandits.
Every time they notice people have money to spend they increase taxes and bandits.
The rate of theft from the population is now such that the only businesses that have a future are those who supply government and bandits.

This is not just Nigeria, its happening on all major population centres world ever, all the cities are slowly turning into ghost town, while tiny exclusive islands like Dubai, Singapore Eko Atlantic etc are being built as new government admin centres for a future world where everybody else is gone and only them remain on thier Noahs Ark islands .

They have already robbed people blind world over with cost of electricity, even all the way to Asia they are crying about the new golden cost of electricity, but the new one all of you better prepare for is the cost of water, they are now starting to use cost of water to destroy people like the did electricity.

As such with a population that have no rights against world government of theifing bandits, the consumer sector is rapidly dieing. Any business whose customer is not government or the super rich has no future.
This is the new normal. Hunger games.

At the rate they are going anyday now, just like in the movies people may need to entertaining those who hold the world hostage with MMA death machetes just to get bread to eat. When you add up all thier taxes plus inflation its about 85% of peoples income. That is without adding thier new global tax on goods which they call tarrifs, already companies are raising thier prices due to this tarrifs.

And as the farms of western world are covered in solar panel and farms of africa covered in land mines , this means people dont even have the right to grow food to eat anymore.

As such the only business left in the world is goverment. By the time you dont even have the right to farm its over.
For the first time in my life am hearing middle class and above people not able to afford vegetables.

Gerrard59:
That's why employing Indians or Lebanese to as managers for Nigerian businesses is the best. Another Nairalander attested to it. When time come, I know what to do. Even if it means employing an Indian(s) who hates Black people, I'm okay with it.

franchasofficia:
This is the just the summary of the issue and there is no end in sight.


It's going to get worse next year as Tinubu the tax master refuses to have pity on Nigerians he impoverished with his thoughtless policies by further rolling out demonic tax law that will further throw more Nigerians into poverty from January 2026.


Honestly it seems the man is demon possessed because I am struggling to understand why this man is so bent on taxing already poor and struggling Nigerians to oblivion in the name of widening Nigeria's tax net for the future, which future?

Bla bla blaaaaaaaaaa

LagosOrigin:
Nigerian government bad policies happened to shoprite

It's so painful. If you go into shoprite these days, the place looks like a graveyard.

Shelves are empty, staffs are idle cos you can literally count how many people are there. It's so sad. Businesses keep folding up every day yet the government doesn't care.

blacksam01:
You see oyinbo..., Fear them... If they sell you something, even if it's still looking healthy, trust me there is something going down about that thing u haven't seen yet...

When the owners of shop right announce it for sale, you will wonder what is wrong with them... Because as at then, it's malls were all very busy and bubbling with large crowd... But economics from their stables have advice them to sell off... They were told from them on, it will be decline... As good as they were, they followed advice and sold off...

The Nigerian man thought he knew more than ppl who established, manages and saw its peak are seeing... He gave them billions and changed ownership...

Since then, steadily there was gradual decline... and now very visible ones...


Next is DStv which has been sold off... Sensing fast decline spending for leisure as poverty grips Nigeria, again with the growing popularity of internet channels subscriptions t. V ...

Let's watch as canal + is not a walk over also

My professor, you have hit the nail on the head. Kudos!

The challenge lies with Shoprite’s nationwide operations, they need to change there modus operandi to survive. A good number of there product will require to pay for shelf space in order to have their products displayed. This business model is common among leading global retail outlets, and it accounts for a significant portion of their profits. It is also the reason they are able to sell certain products at very low prices.

However, in recent years, a growing number of supermarkets have emerged that do not charge producers for shelf space. As a result, many producers, who are already struggling to meet demand, have shifted their focus away from traditional giant retailers like Shoprite. These producers now prefer outlets that provide easier access to the market without additional financial oblig

yinkeys:
How many South Africans do you see in Nigeria?
Wait for me to teach you basic economics

You want to teach an economist/accountant basic economics .
Funny you

Chummynoni:
you are wise . Make God help us in this tinubulation . Even 3crown don de do that type of milk . Na only God know when last I drink tin milk .

My broda it is well, close eye drink tin milk today kuku add bread and sardines make equation balance once n for all

Walai:
You just said same thing I have been saying albeit from another perspective. The upper middle class have levels. They will rather patronize ShopRite than the smaller malls because it offers more class.
If you have been to SA like someone pointed out here, the upper middle class hardly patronize the smaller malls, they prefer the big top echelon malls. Same thing here but our situation is that most of the upper middle class have left.
Infact, before we tailored our services where I worked which I won't disclose here to target only the upper middle class that have the purchasing power but currently we have watered down things to serve even mama Ebuka that can only offer 20k. That's how bad it is.

So your services no consider Agberos like us wey wan look good buh no get pass 5000k

naa wa o !

The Nigerian government killed it with their thoughtless policies. Yet they will come online to say rubbish about their moribund policies.

SmartPolician:
Bokku Mart is running all the retail chains out of business, including the market women. Their prices are so low and affordable to the point you think they are actually stealing the groceries. Bokku needs to take this business model beyond Lagos so that other Nigerians can enjoy what Lagos people are enjoying.

Nobody has the time to shop elsewhere since Bokku is spreading across Lagos like wildfire, disrupting the groceries supply chain with their high quality but extremely low prices and positively shaping lives. So, competition is happening to ShopRite and its ilk.

Bro Bokku is owned by Seyi Tinubu it just a real estate venture money laundering scheme they are everywhere every corner in Lagos

Jokerman:
Please who knows what's happening to ShopRite at Ikeja City Mall? Are they in debt??

That place is a shadow of itself... Could not get anything from there- was so pissed.

Please what happening to the Nigerian Buyer?? Or are they leaving Nigeria?

Same here bro.at Jabi lake mall

Okay.... you are trying to say that ShopRite products are not expensive?

seborrhic:
What makes Shop rite an upper middle class biz?
It's either you don't know what an upper middle class biz is or you are one of those that read textbooks and want to apply it to anything you come across.
A shop that all cadres of people visited because of it's considerate prices and it's uniqueness and ambience.
The truth is that cost of transportation and drastically curtailed purchasing power across board has dealth a blow on super stores like that.
Now you must either have a car to go shopping there or your biz or work path is along any of the locations,so you can easily branch to get some stuff.
Previously people of lower class could just take a cheap bus fare just to go to Shoprite to buy even just bread or hang around for the fun of it.
They can't now because it doesn't make any sense to spend 2-3k on transportation just to buy a 1900 bread.

What do you mean by "including market women?"

SmartPolician:
Bokku Mart is running all the retail chains out of business, including the market women. Their prices are so low and affordable to the point you think they are actually stealing the groceries. Bokku needs to take this business model beyond Lagos so that other Nigerians can enjoy what Lagos people are enjoying.

Nobody has the time to shop elsewhere since Bokku is spreading across Lagos like wildfire, disrupting the groceries supply chain with their high quality but extremely low prices and positively shaping lives. So, competition is happening to ShopRite and its ilk.

theredaddy:
My broda it is well, close eye drink tin milk today kuku add bread and sardines make equation balance once n for all

LOL . E b like say I don offend u before? This your advise go send me back go village if I try am 🤣🤣🤣

Gerrard59:
Wahala dey o.

But Nna, people are flexing on Instagram and TikTok! Parties are being held weekly. Where are they seeing this money?

P.S. Jumia should cease to exist. The model doesn't work in Nigeria.

Social media is not real life.