Retail Supermarkets Nigeria Limited (RSNL), the operator of the Shoprite franchise in the country, “has debunked reports suggesting it is leaving Nigeria.”
In a statement on Friday, the company was reacting to recent reports of “empty shelves and temporary closures at some outlets,” explaining that the current situation is “not an exit move but part of a ‘reset’ of its business model aimed at stabilising operations and adapting to prevailing economic realities.”
The company said it is undergoing a turnaround programme, backed by new investors, to adapt to Nigeria’s economic challenges, including “exchange rate volatility, rising inflation and liquidity constraints.”
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It explained that its “old model of operating large-format stores with heavy reliance on imports and high overhead costs was no longer sustainable.”
The new “reset,” it stated, would focus on “smaller, more efficient store formats,” “stronger local supply chains with over 80 per cent of products sourced in Nigeria,” and “private-label affordability options.”
The strategy will also include improvements in “liquidity management” and “efficiency improvements such as energy optimisation and cost savings across stores.”
The Chief Strategy Officer at Retail Supermarkets Nigeria Limited, Bunmi Cynthia Adeleye, was quoted as saying, “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.”
The company stressed that it “remains committed to Nigeria” and would continue to serve its customers and suppliers as part of its “long-term growth plan.”
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