A South African retail Outlet, Shoprite has announced its plans to leave Nigeria. It announced that the store will be discontinued due to its various potential investors and a formal process to sell all or majority of the shares will commence.
Shoprite has about 26 stores in just 8 states in Nigeria. It has employed thousands of people and involved in business with various suppliers in Nigeria.
The sale of shoprite will be a huge blow to the employees of the store and also their suppliers as business with this people might be discontinued due to new ownership.
It might also affect the availability of products in Nigeria as Shoprite is one of the leading stores in the country.
This seems to be good news to shareholders of Shoprite as the stock price of the parent company shot up by almost 10% after the announcement was made.
Does this bode well for Nigeria when investors celebrate when they pull out of your country? You would recall that this is not the first South African company to leave Nigeria…we had had Mr. Price and Woolsworths.
As a Nigeria who lives in a state or town where a Shoprite store operates, how do you think this will affect you?
aside Spar, are there any other retail stores that can measure up to Shoprite in Nigeria?
How do you think this will affect the nation at large especially when investors jubilate when their companies pull out of your country?