No products in the cart.

Home Business Despite Takeover By Local Firm, Poor Sales Force Shoprite To Shut Down Operations In Abuja

Business Politics

Despite Takeover By Local Firm, Poor Sales Force Shoprite To Shut Down Operations In Abuja

Mayowa DurosinmiJune 24, 20241 Mins read1.2k

Despite Takeover By Local Firm, Poor Sales Force Shoprite To Shut Down Operations In Abuja

Shoprite has announced the closure of one of its business outlets in Abuja, citing economic decline as the reason for the closure.

This was disclosed on Monday in a press statement signed by the Chief Executive Officer, Dr Folakemi Fadahunsi. She said Shoprite would close operations in Novare Central Mall in Wuse Zone 5 on June 30, 2024.

Shoprite explained that the decision came after carefully reviewing the store’s finances and the current business environment in Nigeria.

We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store in Novare Wuse Central Mall, Abuja,” the statement reads in part.

It added that all existing service contracts for the store would also be terminated while informing the public of its planned arrangement to review services tied to the Novare Wuse Central Mall Store for possible payoff of any outstanding payment between partnered companies.

If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule,” the statement added.

While Shoprite’s closure reflects an economic decline, it also adds to the influx of foreign businesses exiting the country due to Nigeria’s fast-deteriorating economic challenges.

It will be recalled that Shoprite, in December 2023, also announced the closure of Ado Bayero Mall in Kano due to the prevailing business climate in the country under the former President Buhari-led administration.