SHOPRITE, ONCE NIGERIA'S LEADING SUPERMARKET CHAIN, IS FACING TOUGH TIMES.

 

Reports indicate that stores in Ibadan and Ilorin have shut down, while outlets in Lagos and Abuja are struggling with empty shelves. The company's struggles are attributed to various factors, including high inflation, foreign exchange volatility, rising rents, and intense competition from local supermarkets and online platforms.

The economic downturn has also led to a decline in consumer spending power, making it challenging for Shoprite to maintain its operations. Despite assurances from management that restocking will resume soon, the situation raises concerns about the future of the retail giant in Nigeria.

Shoprite's decline mirrors a worrying trend of multinational exits from Nigeria, with companies like GlaxoSmithKline, Procter & Gamble, Sanofi, and Bolt Food pulling out in the past two years, citing an "unconducive" business climate.