Shoprite Exit: Impact on Novare and Nigeria’s Retail Sector.
Retail Supermarket Nigeria (RSN), operating as Shoprite, has announced the imminent closure of its store at Novare Wuse Central Mall, Abuja, effective June 30, 2024. The decision, attributed to financial challenges and Nigeria’s tough economic conditions, has significant implications for Novare Real Estate Nigeria Limited, the mall’s owner, and the broader retail sector. Shoprite’s exit is expected to impact foot traffic, revenue streams, and various other retailers and businesses within the mall, potentially exacerbating unemployment in the area amidst economic downturns like high inflation and currency volatility.
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