Shoprite Nigeria plans to open new outlets eyeing future growth

NIGERIA – Retail Supermarket Nigeria Limited, owners of Shoprite in Nigeria, has announced plans to reopen the Circle Mall Store located in Jakande, Lekki Lagos.

The Jakande store was closed down following the vandalization that erupted after the EndSARS protests in late 2020.

According to the Chairman of RSNL, Tayo Amusan, the reopening of the Jakande, Lekki store serves as an opportunity to show customers that the dogged Nigerian spirit runs deep, even as the team works to optimise its operations for continued productivity.

“We’re excited to be reopening after a long hiatus. We have had tremendous support and we are looking forward to once again opening our doors to our customers in the Jakande, Lekki area and its environs.

“We remain steadfast in our commitment to support the growth of the Nigerian economy even as we explore opportunities to expand our network of outlets thereby providing employment opportunities for Nigerians.

“We are also exploring opportunities to partner with more local farmers and small business owners to optimise agribusiness across Nigeria to considerably increase agricultural yield in the country,” Amusan said in a statement by the company.

The retail company also announced plans to open new stores in Kaduna, Port Harcourt, Benin and Jos as part of its expansion plans, increasing the company’s presence to almost 30 stores in the country.

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With the new store openings, Shoprite said it would be building on its existing store locations across 11 states and the Federal Capital Territory.

Meanwhile, the company has made the decision to discontinue business operations from Maryland.

“We thank the surrounding community for years of patronage and loyalty. Our commitment to Lagos state is unwavering and we look forward to providing area shoppers with enhanced shopping experiences in the future,” highlighted Shoprite Nigeria.

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RSNL is looking to achieve faster growth, have greater impact, and allocate resources, including its workforce (comprising 2,000 workers, 99 percent of whom are Nigerian citizens) to more profitable investments.

Since its acquisition, Shoprite Nigeria has achieved very impressive, above inflation, growth in sales and are looking to build on that success while continuing its investment in different parts of Nigeria, with the support of its stakeholders.

Africa’s largest retailer, Shoprite Holdings, officially transferred ownership of RSNL to Ketron Investment Limited, a company owned by a group of institutional investors led by property firm owner, Persianas Investment Limited.

The South African grocer has been reviewing its long-term options across Africa as currency devaluations, lower commodity prices and high inflation have hit household incomes and weighed on earnings.

This has led to the company exiting Kenya, Uganda, Madagascar and Nigeria, restricting capital allocations to its supermarkets outside South Africa and instead invest in its home business to take advantage of its dominance in the discount grocery market and growing share in premium food.

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