New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

Big Story

BREAKING: Shoprite to exit operation in Nigeria

1 Mins read

It has been made public the plan for Shoprite to shut down their operation in Nigeria after 15 years of massive and mega stores and relevant in the shopping trade in Nigeria.

The decision to shut down operations across all their stores in Nigeria is also linked to the effect of the coronavirus pandemic disruption which has also affected business globally.

In an “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” released on Monday, the company said it has been approached by “various potential investors”.

The update partly read, “Despite difficult circumstances, in a year incorporating the COVID-19 lockdown and accompanying regulations governing trade, transport, and operations, the Group increased total sale of merchandise for the 52 weeks to 28 June 2020 (including the impact of hyperinflation in the prior year) by 6.4% to approximately R156.9 billion. Like-for-like growth for the year was 4.4%.

“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

Shoprite as a company provides jobs for more than 2,000 Nigerians, has over 25 stores across eight states of the Federation including the Federal Capital Territory, Abuja.

The South African business established 40 years ago with over 500 stores across the continent is arguably Africa’s largest grocery retailer.

We hope this will help businesses in Nigeria fill the space in taking the advantage of the opportunity.

Don’t miss any tech news ever!

We don’t spam! Read our privacy policy for more info.

101 posts

About author
Odeajo Israel is a Software Engineer & Data Scientist. He is passionate about growing the technical communities
Articles
Related posts
ArticleBig StoryNewsRandom

WhatsApp Extends Voice Status Updates Up One Minute Long

2 Mins read
Just like I wrote in my previous article on WhatsApp extending the video status update from 30 seconds to one minute, WhatsApp…
Big Story

WhatsApp for Android would s Get a New Favourites Tab to Add Contacts to Speed Dial

2 Mins read
WhatsApp is working on a new feature: a dedicated “Favorites” tab to allow users to add, reorder, and remove their favorite contacts…
Big Story

WhatsApp Working on Nearby File Sharing Feature: Users will soon be able to share file with Nearby contacts without Internet connection.

2 Mins read
WhatsApp, the ever-popular messaging platform, is reportedly making strides in developing a Nearby File Sharing feature specifically designed for Android users. The…
Newsletter Subscription

🤞 Don’t miss any update!

We don’t spam! Read more in our privacy policy

Join our Telegram channel here - t.me/TechpadiAfrica

Leave a Reply