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Home Business News Politics

Shoprite Nigeria Sales Rises 20%, Plans to Open 14 New Stores

Research Team by Research Team
August 19, 2015
in Politics
Shoprite Nigeria Sales Rises 20%, Plans to Open 14 New Stores
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  • South Africa’s Shoprite Holdings, Africa’s biggest retailer by sales, will open nearly twice as many stores on the rest of the continent this year as in 2014, chief executive Whitey Basson said on Tuesday.
  • The supermarket operator is banking on rapid growth in markets such as Nigeria and Angola where it aims to change the shopping habits of Africa’s rising middle class.
  • It plans to add another 35 stores this year to the 189 it has in the rest of Africa, hoping to improve on the 16 percent contribution that Africa ex-South Africa makes to its profits. Last year it opened 20 stores outside South Africa.
  • Nigeria will get 14 new stores in the next 20 months and Shoprite is building a distribution centre there, aiming to move goods faster as imports into Nigeria can be delayed in ports for up to three months or so, Basson said.
  • Shoprite currently has about 12 stores in Nigeria as such its planned increase will more than double its presence in Nigeria
  • The company also reported a 19.7% growth in sales in Nigeria for the year ended June 2015, despite a tough one year for many Nigerians.
  • The Group’s 189 supermarkets outside South Africa, 23 of them new, grew turnover by 13.5% in rand terms and by 15.5% in constant currencies in an environment of lower oil revenues and the weakening of certain African currencies against the rand.

 

Tags: News ReviewNigerian Company Results
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

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