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ShopRite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria.

Jim Est FEED
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The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “Shoprite is not leaving Nigeria.

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“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.

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“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.

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“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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Recall that reports have been circulating that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

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The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

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The report further stated that Shoprite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.

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The report also said international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018.

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South African operations contributed 78 per cent of the overall sales and saw 8.7 per cent rise for the years.

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The report went further to say that as a result of the lockdown, customers’ visits declined 7.4 per cent but the average basket spends increased by 18.4 per cent.

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