Shoprite To Leave Nigeria After 15 Years - News24 - Business

Shoprite To Leave Nigeria After 15 Years - News24 - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Shoprite To Leave Nigeria After 15 Years - News24 (70388 Views)

1 2 3 4 5 6 7 8 9 10 ... 12 Reply (Go Down)

Shoprite To Leave Nigeria After 15 Years - News24 by Iamgrey5(op): 8:36am On Aug 03, 2020

Africa's biggest grocery retailer, Shoprite, is exiting the continent's most populated country, Nigeria, after 15 years.

The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.

South African retailers have struggled in the Nigeria market and most recently Mr Price has exited the market after Woolworths did the same six years ago.

In the statement, Shoprite said the results for the year do not reflect any of their operations is Nigeria as it will be classified as discontinued operation.

International supermarkets (excluding Nigeria) contributed 11.6% to group sales, and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

https://www.news24.com/fin24/Companies/shoprite-exits-nigeria-after-15-years-20200803

13 Likes 4 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by aolawale025: 8:38am On Aug 03, 2020

Next level economics

141 Likes 10 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by 007sledge: 8:38am On Aug 03, 2020*

I'm not sad about this, I see it as a opportunity for we Nigerians

25 Likes 3 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Iamgrey5(op): 8:38am On Aug 03, 2020*

The Chinese or Indian will buy it and increase prices of products.

They would change the every day low pricing strategy of Shoprite to premium pricing

They would also stock shoprite with expensive foreign brands or Indian and Chinese brands.

It would reduce customers but increase revenue.

280 Likes 15 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by bolaayenimo: 8:39am On Aug 03, 2020

Only someone with bullion vans can buy it

94 Likes 6 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by lacasera14(m): 8:39am On Aug 03, 2020

Really

Re: Shoprite To Leave Nigeria After 15 Years - News24 by WandaMaximoff: 8:40am On Aug 03, 2020

And they said our economy is doing well.

182 Likes 7 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Jman24(m): 8:40am On Aug 03, 2020

No wonder the whole place was a shadow of itself yesterday. A whole Sunday

117 Likes 7 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Salewa95: 8:40am On Aug 03, 2020

Oh poor Shoprite.

Don’t leave us, don’t leave us!

grin

52 Likes 7 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by truthfulparrot(m): 8:40am On Aug 03, 2020

Chai nothing works in Nigeria again. Granted things are not easy worldwide but misrule and clueless leadership is making Nigeria case worst.
PMB is taking Nigeria Bank to the 1980s

179 Likes 11 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by GamalNasser: 8:43am On Aug 03, 2020

Buhari is evil.... This is how Buhari's poor leadership sent Leventis and Kingsway packing in the 80s and now he has done it again ..Next to leave will be DSTV then finally MTN..Meaning PEP store will soon announce their leave

158 Likes 10 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Or11: 8:44am On Aug 03, 2020

Nigeria is such is dumb country. Imagine suspending withdrawal on Nigerian ATM cards abroad when many Nigerians are stuck abroad because of the COVID 19 pandemic. The Embassies are also shut. Ordinary 24 hours power seems impossible. Sowore should do his revolution fast abeg.

203 Likes 19 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by JesusJesus: 8:46am On Aug 03, 2020

E-commerce is the future

29 Likes 3 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by aybabz101: 8:50am On Aug 03, 2020

well, that is another job loss in this trying moment, but las las, we go dey alright.

But seriously, what is happening in 9ja? konga I think was recently put on the market for sale and jumia is really struggling. This means e-commerce is not "really productive" in Nigeria.

Also, our major supermarkets are closing up!

I think the purchasing power of our middle class is really dwindling at a very fast rate coupled with the fact that the naira is on a free fall.

these companies are not Nigerian companies so, their profit will be declared in their corporate headquarters in dollars not in naira. regardless of the marginal profit made in naira, if naira is below the cliff, it will be seen as a loss in their headquarters.

218 Likes 12 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by frankyychiji: 8:50am On Aug 03, 2020

Iamgrey5:
The Chinese or Indian will buy it and increase prices of products.

They would change the every low pricing strategy of Shoprite to premium pricing

They would also stock shoprite with expensive foreign brand or Indian and Chinese brands.

It would reduce customers but increase revenue.

cc lalasticlala Mnyd44

I don't get it, are they saying they didn't make profit year on year for the past fifteen years or just this year? I hope this has nothing to do with the diplomatic strain as it were between both countries.

10 Likes 2 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Luckydubby7(m): 8:51am On Aug 03, 2020

I saw this coming.
Competition in that business is just too much.

5 Likes 1 Share

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Luckydubby7(m): 8:52am On Aug 03, 2020

JesusJesus:
E-commerce is the future

. Oga do you know what jumia is passing through.

97 Likes 11 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Nbotee(m): 8:53am On Aug 03, 2020

Dis country isnt working

14 Likes 1 Share

Re: Shoprite To Leave Nigeria After 15 Years - News24 by frankyychiji: 8:55am On Aug 03, 2020

WandaMaximoff:
And they said our economy is doing well.

With all the ease of doing business blab.
Another thing is competition, they never had it so bad in recent times.

11 Likes 1 Share

Re: Shoprite To Leave Nigeria After 15 Years - News24 by MANNABBQGRILLS: 8:55am On Aug 03, 2020*

#TeamProudlyNigeria.

We can have all these and much more indigenously in our darling nation.

If Supersport follow suit,
an indigenous cable TV will stand at last after many caved in along the way.

We should be the GIANT of AFRICA that people know us as.

It is Nigeria that should be having corporations and companies like this in all African countries,
not the other way round
Unfortunately, it is not so cos of the 'many' bad leaders that have ruled our nation since independence.

Gradually we will get there as a nation!
We will continue to believe in her.

sirblend:
Very possible without corruption and nepotism.

You've said it all.
A better Nigeria is all we want.

folarr:
My Bread oooooo!!
Really?
Na only shoprite bread pain u for dis matter?
Mr FOLA the FFO!
Stomach infrastructure tinzzzzz....... cool

folarr:
My ~~brother~~,
I'm going to Shoprite now to buy the bread

Lol

.
Buy the ones that will last you till Xmas time o.
Safe trip!
Funny!!

BTW, we no be brother o,
We are simply WE!

29 Likes 3 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by MANNABBQGRILLS: 8:55am On Aug 03, 2020*

Luckydubby7:
I saw this coming.
Competition in that business is just too much.

They are on top of that particular business.
We don't think it's really about competition.

LadyExcellency:
It's all about competition. Southeasterns meanly the Igbo's dominate the market in Nigeria. Shoprite can't compete with Igbo merchants who are not only conquering and dominating commerce in West Africa but are expanding into the heart of Sourt Africa.

Igbo merchants believe in profit generated through turnover rather than per sale.

Thanks for the mention Lady Excellency.
You are right,
You are very very right madam!
Shoprite can never compete with us Igbo merchants,
Is that all?

9 Likes 2 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by frankyychiji: 8:55am On Aug 03, 2020

Luckydubby7:
I saw this coming.
Competition in that business is just too much.

True. From estores to physical ones.

9 Likes 1 Share

Re: Shoprite To Leave Nigeria After 15 Years - News24 by abobote: 8:56am On Aug 03, 2020

Why every body leaving

1 Like

Re: Shoprite To Leave Nigeria After 15 Years - News24 by iCauseTrouble: 8:56am On Aug 03, 2020

Buhari, why na

2 Likes

Re: Shoprite To Leave Nigeria After 15 Years - News24 by chii8(f): 8:56am On Aug 03, 2020

Ok nah,are they having a strong Nigerian replacement?

What will happen to their staff?I hope they won't start another attack in their own country.

6 Likes 1 Share

Re: Shoprite To Leave Nigeria After 15 Years - News24 by GoshenNLA(m): 8:56am On Aug 03, 2020

Chai, na job lost b this oo
Npower don disengage 500k already
I blame presidency, nothing is working here again

21 Likes 2 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Arexit: 8:56am On Aug 03, 2020

when you break in and loot all in the name of protest then.........

6 Likes 2 Shares

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Amuluonyenaego: 8:56am On Aug 03, 2020

better, let's take over our land

1 Like

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Btruth: 8:56am On Aug 03, 2020

Retrenchment in the making.

4 Likes 1 Share

Re: Shoprite To Leave Nigeria After 15 Years - News24 by Oyikoha(m): 8:57am On Aug 03, 2020

Cool

1 2 3 4 5 6 7 8 9 10 ... 12 Reply

Shoprite To Shut Down Its Operations On June 30th 2024. • Shoprite to shut down Abuja Branch On June 30 Due To Current Economic Realities • Shoprite To Cease Operation In Kano From January 14, 2024 • 2 • 3 • 4

List Of 47 Microfinance Banks Licences Revoked By CBN • 5 Under 30 Youngest Successful Nigerian Tech Entrepreneurs • Meet Mammy Ochefu The Woman Who Started Mammy Market In Soldiers Barracks