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Africa

Shoprite exits Nigeria – Africa’s largest economy - after 15 years

16 April 2021 12:35 PM
Tags:
Nigeria
Africa
Pick n Pay
Africa business
Shoprite
Retail
Lester Kiewit
The Midday Report on CapeTalk
Shoprite Nigeria
Persianas
Victor Kgoemoeswana

The Continent’s biggest retailer is leaving Nigeria. Lester Kiewit interviews Africa business analyst Victor Kgoemoeswana.

RELATED: Pick n Pay enters Nigeria with first store in Lagos


The Cape Town-based retailer – the largest in Africa – is selling its Nigerian division to local property firm Persianas Group Ltd.

Shoprite values its Nigerian division at more than R1 billion.

The company has been in Nigeria for 15 years.

Customers shopping at Shoprite. Picture: Abigail Javier/EWN

The company’s exit follows a raft of South African firms disinvesting from Africa’s largest economy.

Shoprite has 2300 stores across the Continent.

Last month, Pick n Pay announced that it is opening its first store in Nigeria.

It is partnering with a Nigerian company to open smaller “neighbourhood” stores, a different strategy to those of other South African retailers.

Lester Kiewit interviewed Africa business analyst Victor Kgoemoeswana.

Nigeria has options…

Victor Kgoemoeswana, Africa business analyst

We’ve been very Afro-phobic in South Africa, attracting negative sentiment…

Victor Kgoemoeswana, Africa business analyst

Getting into Nigeria is very difficult… Pricing has worked against Shoprite… They’re not the low-end like we know them here in South Africa…

Victor Kgoemoeswana, Africa business analyst

Listen to the interview in the audio below.




16 April 2021 12:35 PM
Tags:
Nigeria
Africa
Pick n Pay
Africa business
Shoprite
Retail
Lester Kiewit
The Midday Report on CapeTalk
Shoprite Nigeria
Persianas
Victor Kgoemoeswana

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