Shoprite exits Nigeria – Africa’s largest economy - after 15 years
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.
The company’s exit follows a raft of South African firms disinvesting from Africa’s largest economy.
Shoprite has 2300 stores across the Continent.
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.
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