Retail Supermarket Nigeria Limited (RNSL) operating as Shoprite Nigeria, has announced  the closure of  another of its Nigerian outlets, the Ado Bayero Store in Kano, citing consumer buying power, high cost of doing business, rental cost and negative  financial performance.

 

 

Announcing the closure, in a statement issued yesterday, Tuesday,   its Chief Executive Officer, Hubertus Rick, stated that while the outlet had been shut down  from January 14, this year, the retail chain  still mules a  two to five-year bullish growth plan for the Nigerian market.

 

 

He stated further that while the company would continue  to close down stores that are performing sub-optimally, as the consumer economy tightens, it also plans to  open four new outlets annually across the country, as guided by its retail market research.

 

 

” Aside the planned store closure and on a brighter note, Retail Supermarkets Nigeria Limited has also commenced some store reopening across different locations expected to span across the outgoing year 2023 right into 2024.

 

 

“Shoprite has also demonstrated the resilience of its brand with the audacious restoration of its store at Circle Mall, Lekki, to business years after it was completely raised during the End SARs protests in October 2020,” he stated.

 

 

Rick also clarified that the decision was not made lightly, as the company understands the impact such action may have on its employees and the community.

 

 

He said, “After careful evaluation of the financial situation of the store and the current business climate, Shoprite believes it is the best course of action for the long-term growth of our organization.”

 

 

Rick however assures of the company’s readiness to   do business in Kano when the business environment becomes favourable; since Kano remains a big city with room for a Shoprite concept.

 

 

He also  assures  employees of the company, likely to be affected by the difficult decision of the company’s readiness to assist them during the transition period.