Popular South Africa’s grocery retailer ShopRite has announced that it will exit Africa’s biggest market, Nigeria, 15 years after it opened its shop in the West African country.
The announcement by ShopRite came after another South African brand, Mr. Price exited the market after struggling in Nigeria.
In the Statement, the company said it has been approached by potential investors willing to take over its Nigerian operations.
It informed that it is considering an outright sale of its operation or selling majority stake in its Nigerian subsidiary.
International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.45 decline in sales from 2018. South African operations contributed 78% of overall sales and saw an 8.7% rise for the year.
The results for the year do not reflect any of their operations in Nigeria, “as such, retail Supermarkets in Nigeria may be classified as a discontinued operation,” ShopRite said in a statement on Monday.