Shoprite has denied rumors of an exit from Nigeria, insisting it is not pulling out of Africa’s most populous nation.
Retail Supermarkets Nigeria Limited (RSNL), the operator of the Shoprite franchise, clarified that recent empty shelves and temporary closures at some outlets are part of a reset, not a retreat.
The company said on Friday it is embarking on a turnaround program backed by new investors to adapt to Nigeria’s volatile economy.
Management acknowledged that the old model of operating large-format stores with heavy dependence on imports and high overheads was no longer viable in an environment of rising inflation, currency swings, and liquidity constraints.
Under the reset, Shoprite will shift to smaller, more efficient outlets with stronger local supply chains. RSNL disclosed that over 80% of its products will now be sourced domestically, while private-label options will be expanded to enhance affordability.
The new strategy also targets cost reduction and liquidity improvement through efficiency measures. Energy optimization, tighter expense management, and smarter capital allocation are being deployed to ensure sustainable operations across stores.
Chief Strategy Officer Bunmi Cynthia Adeleye described the overhaul as a rebirth rather than a collapse. “Yes, it has been a tough period, but this is not a collapse; it is a reset,” she said, adding that Shoprite is being rebuilt to be “more local, culturally relevant, more affordable, and more resilient.”
The retailer reaffirmed its commitment to Nigeria, stressing that it intends to continue serving millions of customers and suppliers. With its long-term growth plan, RSNL believes Shoprite will emerge stronger, cementing its position as a key player in Nigeria’s retail sector.