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Shoprite Nigeria to Open Smaller Neighbourhood Stores in Recovery Push After Shutdown
🇳🇬 Nigeria · Economy · 1 d ago
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24.10 11:16 UTC
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Adekunle Adebiyi, Executive Director, Investments at MBO Capital Management Limited, disclosed this during an interview on Nairametrics’ Drinks and Mics, where he discussed the retailer’s financial challenges, restructuring efforts and plans for recovery.
According to Adebiyi, three Shoprite stores have reopened following a temporary shutdown of operations to allow the company to negotiate with suppliers and address its financial obligations. - “We took a very, very drastic decision to just shut everything down whilst we negotiated with suppliers.
Now three stores are back open,” he said.
Shoprite plans standalone neighbourhood stores He explained that the company intends to expand through smaller, standalone neighbourhood outlets rather than depending primarily on shopping malls, a strategy he described as consistent with its original business plan. - “We’re going to be opening stan
Bunmi Adeleye, Chief Strategy Officer at Retail Supermarkets Nigeria Limited, disclosed plans to reopen outlets at The Palms Shopping Mall and Circle Mall in Lagos while exploring smaller neighbourhood store formats to reduce rental, electricity and diesel expenses.
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