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BREAKING NEWS! Shoprite Leaves Nigeria After 15 Years

We've just gathered that biggest grocery retailer in Africa, Shoprite, is leaving the continent’s most populated country, Nigeria, after staying for 15 years.

The Cape Town-based retailer has commenced a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.

South African retailers have been struggling in the Nigeria market and currently Mr Price has left the market after Woolworths did the same six years ago.

From the statement we gathered, Shoprite made it known that the results for the year do not reflect any of their operations is Nigeria as it will be classified as a discontinued operation.

International supermarkets (minus Nigeria) made a contribution of 11.6% to group sales, and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

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