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Home Industries Company News

Mr. Price plans to exit Nigeria, closes stores in the country 

Lawretta Egba by Lawretta Egba
June 27, 2020
in Company News
Mr. Price plans to exit Nigeria, closes stores in the country 
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Mr. Price Group is making plans to close its Nigerian business to focus on its home market business in South Africa. 

The popular affordable clothing, sport, and home wear brand has closed four out of its five Nigerian stores and expects to close the last one in the coming months.  

This was disclosed by its Chief Executive Officer, Mark Blair. 

READ ALSO: Why Maritime sector slows nation’s GDP

Nigeria is the third country where the company has exited, as it had left Australia and Poland just last year.  The Durban-based company cited challenges like supply-chain disruptions and challenges in getting funds out of the country as reasons it has struggled to operate in Nigeria. 

Mark Stirton, Chief Financial Officer of Mr. Price explained that, “We are really going to focus on South Africa in a more concentrated way.” 

READ ALSO: Multichoice to integrate Netflix, Amazon contents into decoder

The company is just one out of the few companies that have left Nigeria over the past few years. Companies like Woolworths Holdings Ltd. left the country in 2013. Shoprite Holdings Ltd. had also noted just last year that it may close some stores in the country as well. 

The company predicts that it might face a few challenges among other retail companies in South Africa particularly owing to the lockdown it is only gradually emerging from. 

Explore advanced financial calculators on Nairametrics 

Consequently, Mr. Price had been seeking out ways to conserve cash; it froze head-office salaries and did not declare a final dividend. It also announced plans to sell shares so as to expand its operations through growth, last year. 

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Tags: Business NewsMark BlairMr Price

Comments 3

  1. Musa hakilu says:
    June 27, 2020 at 4:36 pm

    I like to have the lou pls

    Reply
  2. Kelechi Azubuike-Luke says:
    June 27, 2020 at 8:14 pm

    Sad to see them go. I will miss their tank tops. Nigeria is a difficult place to do business despite the Ease of Doing Business initiatives.

    Reply
  3. Omebighe Stanley says:
    June 28, 2020 at 10:39 am

    Aside the difficulty in Profit repatriation, there is a challenge of clearing goods timely from our port. This supply chain challenge really affect seasonal stock business _ Nothing is predictable in Nigeria

    Reply

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