Shoprite closes second Kenya store in 4 months

Must Read

FG offers free business registration for 250,000 MSMEs

The Federal Government says it has offered free business registration for 250,000 Micro, Small and  Medium Enterprises (MSMEs) nationwide...

The Legal Side of Doing Business in Nigeria: Compliance Checklist You Need as a Small Business Owner

Setting up a business in Nigeria is one of the roads to financial independence. As most persons who have...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...
- Advertisement -

Africa’s largest supermarket chain, Shoprite is closing a second branch in Kenya, laying off 115 workers. The first branch closed in April; there are now two stores left in the country.

Shoprite, which opened its first store in Kenya in 2018, has informed the workers’ union of the closure of the City Mall branch in Nyali, Mombasa, and job cuts.

Shoprite, which recently announced divestment from the Nigerian market earlier this week, is restructuring its plan across Africa as currency devaluations, supply challenges and low consumer spending reduces its earnings outside South Africa.

Shoprite closes second store in Kenya

The South Africa market accounted for 84% of its overall sales last year.

- Advertisement -

The closure of the stores will put a dent in Shoprite’s expansion plans in Kenya, where it has remained with two branches and had targeted opening seven stores, including six in Nairobi.

Two of Kenya’s three top retailers Uchumi and Nakumatt were in trouble, with the former having closed stores.

Former regional leader Nakumatt collapsed.

The company has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have weighed on earnings.

Read Also:  DStv Thanks Offers Gets A Boost with Dominos Pizza Deal
- Advertisement -

The retail giant which owns more than 2,800 outlets across Africa, said in a trading update that it was pursuing the sale after reviewing its operating model and receiving approaches from various investors.

In February chief executive Pieter Engelbrecht told analysts that Shoprite remained committed to the continent but not at any cost.

- Advertisement -
Shoprite closes second Kenya store in 4 months - Brand SpurShoprite closes second Kenya store in 4 months - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here
Read Also:  Glo adds 200 new BTS, unveils new reward offers

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Shoprite closes second Kenya store in 4 months - Brand SpurShoprite closes second Kenya store in 4 months - Brand Spur

Latest News

The Clifford Clinic Expands to Provide Cosmetic Surgery

SINGAPORE - Media OutReach - 21 October 2020 - The Clifford Clinic is announcing a new expansion to broaden the range of cosmetic...

More Consumer Education and Collaboration Needed, Argues New Economist Intelligence Unit Study on the Impact of Covid-19 on Illicit Trade

There will be at least five lasting effects from the pandemic, including rising demand for certain categories of illicit goods and an exacerbation of the e-commerce problem....

Aberdeen’s green stone coating expands into USA

TAIPEI, TAIWAN - Media OutReach - 20 October 2020 - The faux stone coating for buildings, a green product developed and manufactured by Aberdeen, has built a solid...

Ireland’s Leading Property Developer Bartra Offers Immigration Consultancy Service in Hong Kong

HONG KONG, CHINA - Media OutReach - 20 October 2020 - Bartra Wealth Advisors ('Bartra'), a subsidiary of Ireland's market leading real estate developer Bartra Capital...

Azbil to Exhibit Online the Latest Automation Technologies and Solutions at Industrial Transformation ASIA-PACIFIC (ITAP)

TOKYO, JAPAN - Media OutReach - 20 October 2020 - Azbil Corporation (Tokyo Stock Exchange Code: 6845) announced that it will participate as an exhibitor for the third consecutive...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Shoprite closes second Kenya store in 4 months - Brand SpurShoprite closes second Kenya store in 4 months - Brand Spur