15 years after South Africa’s grocery retailer, ShopRite opened shop in Nigeria, the company is set to exit the most populated Africa nation.
iBrandTv gathered that the announcement by ShopRite came months after another South African brand, Mr Price, exited the market.
International supermarkets (excluding Nigeria) contributed 11.6 per cent to group sales and reported 1.4 per cent decline in sales from 2018.
South African operations contributed 78 per cent of overall sales and saw 8.7 per cent rise for the year. The company said it has been approached by potential investors willing to take over its Nigerian operations.
It said it considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.