SHOPRITE NOT EXITING NIGERIA, SAYS FIRM
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Retail Supermarkets Nigeria Limited, the operator of the Shoprite franchise within the nation, has refuted claims that it is departing Nigeria.
In a statement released on Friday, the company addressed recent allegations regarding vacant shelves and temporary closures at several locations.
It clarified that the present situation does not indicate a withdrawal but rather constitutes a “reset” of its business strategy aimed at stabilizing operations and adjusting to current economic conditions.
The firm indicated that it is implementing a turnaround initiative supported by new investors to better align with Nigeria’s economic landscape, which includes fluctuations in exchange rates, increasing inflation, and challenges in liquidity.
According to RSNL, its previous model of operating large-format stores that heavily depended on imports and incurred high overhead expenses was no longer viable.
The reset, as stated, will prioritize smaller, more effective store formats, enhanced local supply chains with over 80 percent of products procured in Nigeria, and affordable private-label offerings.
Moreover, it emphasized that the strategy will encompass improved liquidity management and efficiency enhancements, including energy optimization and cost reductions throughout the stores.
The statement featured insights from the Chief Strategy Officer at Retail Supermarkets Nigeria Limited, Bunmi Cynthia Adeleye, who remarked, “Yes, it has been a tough period, but this is not a collapse; it is a reset. The old model did not work for Nigeria.
“With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient. We are coming back bigger and stronger to serve Nigerian customers better than ever before.”
The company reaffirmed its dedication to Nigeria and its intention to continue serving its millions of customers and suppliers as an integral part of its long-term growth strategy.
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