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Shoprite says it is not leaving Nigeria, only restructuring operations.
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80% of Shoprite’s products now sourced locally under reset strategy.
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Company vows to return stronger with investor support and cultural relevance.
Retail Supermarkets Nigeria Limited (RSNL), operators of the Shoprite franchise in Nigeria, has reaffirmed that it is not exiting the country, despite concerns over the closure of some outlets in recent months.
In a statement issued on Friday, the company clarified that it is undergoing a comprehensive “business model reset” aimed at adapting to Nigeria’s challenging economic realities.
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EKO HOT BLOG reports that according to RSNL, the previous model it inherited after acquiring the brand was heavily dependent on large store formats, import-driven supplies, and high operating costs, a structure the company said is no longer sustainable in the face of rising inflation, foreign exchange volatility, and liquidity constraints.
“The former business model, inherited after the company’s acquisition, heavily relied on large store formats, imports, and high overheads. This model is no longer viable in the face of Nigeria’s current economic climate, which includes exchange rate volatility, rising inflation, and constrained liquidity,” the statement noted.
As part of the restructuring, the company disclosed that 80 per cent of its products are now locally sourced, reducing reliance on imports and strengthening domestic supply chains.
“This reset is built on several key pillars: local supply chains, with over 80% of products now sourced in Nigeria,” it added.
Chief Strategy Officer of RSNL, Bunmi Adeleye, emphasised that Shoprite was in a rebuilding phase and working closely with new investors to reposition the brand for long-term growth.
“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 stated.
The company assured customers that the changes will not only stabilise its operations but also enhance affordability, strengthen cultural relevance, and ensure that Shoprite remains a leading retail destination in Nigeria.
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