Africa’s biggest grocery retailer, Shoprite is leaving the continent’s most populated country, Nigeria, after 15 years.
The Cape Town-based retailer has begun a formal process to consider the potential sale of allotting a majority stake in its supermarkets in Nigeria.
South African retailers have struggled in the Nigerian market and most recently Mr. Price has exited the market after Woolworths did the same six years ago.
In the statement, Shoprite said the results for the year do not reflect any of their operations in Nigeria as it will be classified as discontinued information.
International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported a 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and had an 8.7% rise for the year.
As a result of lockdown, the customer’s visits declined by 7.4% but the average market increased by 18.4%.