Shoprite Nigeria Set To Open Standalone Neighbourhood Stores
Shoprite Nigeria is planning to open standalone neighbourhood stores as part of efforts to revive its operations, following financial difficulties that forced the retailer to restructure its business. Adekunle Adebiyi, the Executive Director, Investments at MBO Capital Management Limited, an investor in Shoprite Nigeria, disclosed this during an interview on Nairametrics’ Drinks and Mics on Friday, where he discussed the supermarket chain’s financial challenges and recovery plans. Adebiyi said three Shoprite outlets had reopened after the company temporarily shut its operations to negotiate with suppliers and address outstanding 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. He explained that the company planned to expand through smaller standalone outlets in residential neighbourhoods rather than relying primarily on large shopping malls. “We’re going to be openin...