South Africa’s grocery retailer, ShopRite has concluded plans to halt its operations in Africa’s biggest market, Nigeria, 15 years after it establishment.
The company disclosed this in its operational and voluntary trading update that was published Monday morning.
The management of the company attributed the decision to a drastic decline in sales, occasioned by COVID.
It said in the update that it is considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
It stated that already, potential investors have started approaching the company to take over it operations in Nigeria.
Meanwhile, Shoprite shocking move is coming about the same period when a Lagos- based social enterprise, The African Women Power (AWP) Network,partnered with the firm to launch a vendor program that will aid in increasing the number of women entrepreneurs who supply to Shoprite.
According to AWP Network founder, Mary Olushoga, the initiative will help to reduce Nigeria’s high unemployment rate, especially among women.
“We truly believe that this program is great for Nigeria’s community and economic development. For this project, Shoprite Nigeria Limited is one of our founding partners,” she said.
The latest development has further dashed the expectations of women who looked forward to doing business with the company.