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3 Aug 2020

Shoprite Denies Rumors Of Leaving Nigeria After 15-years " We Are Not Going Anywhere"

Shoprite has dismissed claims of leaving Nigeria after operating for 15 years.

News went around that Shoprite is leaving Nigeria with its services
and the company wasted no time in debunking the rumour.

The Country Director for Chastex Consult, Ini Archibong, in a
telephone conversation with Vanguard, said: "Shoprite is not leaving

"We have only just opened to Nigerian investors which we have also
been talking to just before now. We are not leaving, who leaves over a
$30billion invest and close shop? It doesn't sound right.

"We only just given this opportunity to Nigeria investors to come in
and also help drive our expansion plan in Nigeria. So we are not

"I have tried to say this as too many people as I can. There should be
no panic at all and all of that. There is no truth in that report."

Recall that reports have been circulating that the retail outlet has
started a formal process to consider the potential sale of all or a
majority of stake in its supermarkets in Nigeria.
The report said the retailer had struggled in the Nigeria market after
some South African owned retailer shops exited the Nigeria market.

The report further stated that Shoprite results for the year do not
reflect any of their operations in Nigeria as it will be classified as
a discontinued operation.

The report also said international markets excluding Nigeria
contributed 11.6 per cent to the group sales and reported 1.4 per cent
decline in sales from 2018.

South African operations contributed 78 per cent of the overall sales
and saw 8.7 per cent rise for the years.

The report went further to say that as a result of the lockdown,
customers' visits declined 7.4 per cent but the average basket spends
increased by 18.4 per cent.

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