South Africa’s grocery retail giant, ShopRite has said it will be pulling out of Africa’s biggest market, Nigeria after it opened its doors to the country 15 years ago
The announcement by ShopRite came months after another South African brand, Mr Price, exited the market.
However, ShopRite is not the only South African country leaving Nigeria. In June, Mr. Price Group also stated plans to close its Nigerian business to focus on its home market business in South Africa.
The popular affordable clothing, sport, and home wear brand has closed four out of its five Nigerian stores and expects to close the last one in the coming months.
Nigeria is the third country where the company has exited, as it had left Australia and Poland in 2019.
The Durban-based company cited challenges like supply-chain disruptions and challenges in getting funds out of the country as reasons it has struggled to operate in Nigeria.