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Shoprite, once Africa’s expansion champion, plans to exit Nigeria
Aug 3, 2020
Shoprite Holdings Ltd. , once heralded for leading the expansion trail into Africa, plans to exit Nigeria after the continent’s largest food retailer struggled with supply-chain disruptions and faced challenges in getting money out of the country.
Talks that have started to sell the operations come after several other South African retailers that have left the continent’s most-populous country to focus more on their home market.
Nigeria’s economy is being ravaged by a slump in oil prices that have dried up dollar supplies and a naira that was devalued earlier this year.
Delays in clearing goods from Nigerian sea ports, traffic congestion and poor road accessibility have made it difficult for the Cape Town-based supermarket operator to get stock onto shelves.
Woolworths Holdings Ltd., the South African seller of designer clothing and organic food, quit Nigeria in 2013, apparel retailer Truworths International Ltd. closed its last two Nigerian stores in 2016 and Mr Price Group Ltd. said in June it was also departing.
Shoprite, the owner of supermarket chains such as Checkers and U-Save opened in Nigeria 15 years ago and the company has been growing in 15 countries outside South Africa to become a continent-wide superpower with 2,319 corporate-owned food and liquor retail stores.
In 2013, Shoprite’s former Chief Executive Officer Whitey Basson said Nigeria could eventually carry about the same number of stores as the about 800 outlets Shoprite had in South Africa at the time.
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