ShopRite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria.

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

“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 investment 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 leaving.

“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 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.

https://www.vanguardngr.com/2020/08/shoprite-debunks-exit-rumour-says-we-are-not-leaving-nigeria/

We are watching while we mind our own business for now

The truth Will eventually come out but fear Naija bloggers though with some unverified news .

Shoprite please stay

juvewalex:
The truth Will eventually come out but fear Naija bloggers though with some unverified news .

The bloggers are causing serious problem in this country with their everyday fake news peddling. I think this is the time to regulate the social media bill and enforce it with immediate alacrity.

FahBuLous:
Shoprite please stay

We should rather call on our giant investor to invest more in our local products. This will inturn improve our national economy.

Nigerians operating under that shop rite name will suffer should they leave..

Shoprite is one of the trusted retail merchant at least in Africa

TheRareGem1:


We should rather call on our giant investor to invest more in our local products. This will inturn improve our national economy.

They shud hv done that years aqo..

helinues:
Nigerians operating under that shop rite name will suffer should they leave..

Shoprite is one of the trusted retail merchant at least in Africa

ShopRite is a rented mall just like other business owners who go there to rent theirs.
I think Nigerians would be fine las Las. We have cross storm more than this.

FahBuLous:

They shud hv done that years aqo..

Quite right. With the already created enabling environment for business to strive. I recall what dangote group made after the lift of lockdown to June. Multi billion naira. So I think it's not too late

TheRareGem1:


ShopRite is a rented mall just like other business owners who go there to rent theirs.
I think Nigerians would be fine las Las. We have cross storm more than this.

The name is a trusted brand name.....

And the major operators under it are Nigerians.. So should they leave, na Nigerians go suffer it most.. Both retailers and Customers

So one blogger will just sit down and decide to cook one rumour, serve everyone hot and people will start spreading it without confirming from source nawa o!

helinues:


The name is a trusted brand name.....

And the major operators under it are Nigerians.. So should they leave, na Nigerians go suffer it most.. Both retailers and Customers

It just a pity. Since that xenophobic attack, they have not been able to get back on track coupled with this Covid-19 issue again.


https://nairametrics.com/2020/04/25/shoprites-sales-drop-by-8-1-in-nigeria-in-h2-2019-over-xenophobic-attacks/

OTayobami:
So one blogger will just sit down and decide to cook one rumour, serve everyone hot and people will start spreading it without confirming from source nawa o!

We live in the world of fake news bruh. Its just a pity.

good for them

TheRareGem1:


We live in the world of fake news bruh. Its just a pity.

Big pity

TheRareGem1:


Quite right. With the already created enabling environment for business to strive. I recall what dangote group made after the lift of lockdown to June. Multi billion naira. So I think it's not too late

I seriously don't think shoprite is going anywhere...
Let our giant investors start investing in our local products and boost the economy and forget about shoprite....
Its not our problem...

Nigeria money is too sweet! our population is an advantage! No be the same lamentation dstv dey do since? but dey still dey here!

“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 investment 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 leaving.

Exactly what i expalined to one of the wailing noisemakers on another thread earlier today. How some people interpreted the statement from shoprite that it intends to sell some of its shareholding stakes to Nigerian investors to mean shoprite is closing down all its shops in Nigeria is really amusing. Fake and sensational news reporting and people offering opinon over issues they do not understand is a serious threat to the survival of this country.

They are more or less divesting from foreign ownership of the franchise to Nigerian ownership.
I may sound unpatriotic or harsh,but I am always suspicious of Nigerian owned large business, particularly the ones owed by Nigerians since 1999.
The source of funds,running of the business with actual funds or profit from it are always suspicious to me.
When businesses are run by funds derived from politics,or from those borrowed from banks with no intent of refund or genuine servicing of the loans,sooner or later it runs into trouble.
It's better ShopRite retains it's original ownership with minority Nigerian stake

FahBuLous:

I seriously don't think shoprite is going anywhere...
Let our giant investors start investing in our local products and boost the economy and forget about shoprite....
Its not our problem...

Even if they are. Any local investor that grab the opportunity buy buying it will dwell on their name. You will start hearing former ShopRite. Go to former shoprite bla bla

explorer250:
Nigeria money is too sweet! our population is an advantage! No be the same lamentation dstv dey do since? but dey still dey here!

Our NBC are just useless naw

No Retail shop can survive in Nigeria as far as they are trying to compete with the Igbos
You will never survive any trading business in Nigeria as far as IGBOS are your competitor.

Igbos are masters of the retail trade and consumer goods
so investing in Shoprite is a risk