Popular South Africa owned retailer mall, Shoprite, is exiting the country after 15 years of doing business in Nigeria.
According to reports, the Cape Town-based retailer has officially launched the process to potentially sell all or majority of their Nigerian supermarket shares. They would be trading for 52 weeks.
The Durban-based company cited challenges like Looting and boycott cuts of its stores in Lagos during the 2019 xenophobic attacks in South Africa against Nigerians; supply-chain disruptions and challenges in getting funds out of the country as reasons it has struggled to operate in Nigeria
The company has said that there has also been a decline in customers patronage since the coronavirus pandemic, which has contributed greatly to the decline in profits.