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SHOPRITE DENIES CLAIM OF SHUTTING DOWN IT’S NIGERIAN OPERATION.

Shoprite, Africa’s biggest grocery retailer, has Countered rumours centered on plans to leave Nigeria after 15 years.

ICYMI –

Earlier it was reported that shoprite is making major moves , to sell out their stake their stake , and end operation in nigeria.

https://bluebloodz.com/index.php/2020/08/03/shoprite-denies-claim-of-shutting-down-it's-nigerian-operation/‎(opens in a new tab)

The Cape Town-based retailer has started 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, which was released on Monday, August 3.

https://bluebloodz.com/index.php/2020/08/03/shoprite-denies-claim-of-shutting-down-it's-nigerian-operation/‎(opens in a new tab)
https://bluebloodz.com/index.php/2020/08/03/shoprite-denies-claim-of-shutting-down-it's-nigerian-operation/‎(opens in a new tab)
https://bluebloodz.com/index.php/2020/08/03/shoprite-denies-claim-of-shutting-down-it's-nigerian-operation/‎(opens in a new tab)

The process was initiated after the retail chain said in November that it was reviewing its supermarket operations outside South Africa and would consider exiting certain countries if that would help reverse regional sales declines. 

Although Shoprite has been battling currency-induced inflation surges in several other African countries. The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation disclosed that : 

“Shoprite is not leaving Nigeria. “We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right.

https://bluebloodz.com/index.php/2020/08/03/shoprite-denies-claim-of-shutting-down-it's-nigerian-operation/‎(opens in a new tab)

“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.

“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

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