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Africa’s biggest grocery retailer and South Africa-owned chain of stores, Shoprite, has finally left Nigeria–Africa’s most populous nation and biggest market–after 16 years.
“We are thrilled to complete the acquisition of Shoprite, ensuring the continued operations of one of the biggest retail success stories in Nigeria,” Persianas Investment Limited said in a statement.
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future,” it adds.
About Persianas Investment Limited
Property firm and developer Persianas, is owned by Nigerian businessman Tayo Amusan.
Amusan also owns The Palms, a popular mall in the upmarket Lekki area of Lagos.
He announced that the Federal Competition and Consumer Protection Commission has approved a change of ownership of Shoprite with its 25 outlets in eight states across Nigeria’s geopolitical zones.
The business under Amusan will now operate a franchise model as opposed to Shoprite’s ownership model.
Why Shoprite left Nigeria
Shoprite commenced operations in Surulere, Lagos in 2005. In August 2020, the South Africa retail giant announced the commencement of a formal process to discontinue its operation in Nigeria.
Shoprite Holdings Limited made the announcement in its operational and voluntary trading update for the year ended June 28, 2020.
It cited the COVID-19 pandemic, logistic difficulties, currency devaluation and Nigeria’s peculiar business environment.
