Shoprite Leaves Nigeria after 15 years

South African Company, Shoprite Holdings Limited has decided to end their 15 years shopping market in Nigeria.

The popular shopping mall was opened its first store in Lagos in December 2005.

The megastore company states that the coronavirus pandemic has disrupted major businesses globally was part of the decision to auction their store in Nigeria.

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.

"As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”