Retail Supermarkets Nigeria Limited (RSNL), the operators of the Shoprite franchise in Nigeria, has denied claims that it is shutting down in Nigeria, reaffirming its commitment to continue doing business in the country.
The operators claimed that the company is not leaving the country but rather resetting its business patterns.
The company declared in a statement that it was not closing its doors but rather conducting a “comprehensive reset” of its business model in order to adjust to Nigeria’s tough economic reality.
Now supported by new investors, the retail giant clarified that a major component of its plan will be bolstering local supply chains.
“This reset is built on several key pillars: local supply chains, with over 80% of products now sourced in Nigeria,” the statement reads.
Bunmi Adeleye, the company’s chief strategy officer, characterised the current adjustments as a rebuilding phase and insisted that the company’s future would be based on becoming more locally driven and Nigerian.
“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,” she said.
Meanwhile, there has been recent reports of how Shoprite in Nigeria has been struggling to stay afloat for about four years.
According to the reports, the majority of Shoprite stores were now essentially empty and about to close.
Since its first store opened in Lagos in 2005, the retail brand has grown to become a household name in the retail grocery industry, with at least 25 stores spread over eight states and the federal capital territory.
Shoprite Holdings is the parent company of the Shoprite brand, with its headquarters situated in Brackenfell, Cape Town, South Africa.
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