JUST IN: Shoprite Closes Maryland, Lagos Store

Retail Supermarket Nigeria Limited (RSNL), owners of Shoprite in Nigeria, has announced the closure of its outlet in Maryland, Lagos State.

According to RSNL Chairman, Tayo Amusan, the decision to shut down Shoprite Maryland was a “difficult, but necessary” one.

“We have made the difficult, but necessary, decision to discontinue business operations from Maryland, for now. We thank the surrounding community for years of patronage and loyalty. Our commitment to Lagos state is unwavering and we look forward to providing area shoppers with enhanced shopping experiences in the future,” Shoprite’s statement reads.

Shoprite had expanded aggressively in Africa, surpassing rivals such as Pick n Pay and Walmart’s majority-owned Massmart to become the continent’s leading food retailer with more than 2,800 stores in 15 countries.

But forays into markets including Angola and Nigeria, Africa’s most populous country, were marred by currency volatility, double-digit inflation, high import duties and dollar-based rentals.