Shoprite to Close Wuse Branch in Abuja by June 30, 2024

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Shoprite Mall has announced that it will cease operations at one of its Abuja branches by June 30, 2024. The branch in question is located at Novare Central Mall in Wuse Zone 5.


This information was contained in a circular signed by Chief Executive Officer Dr. Folakemi Fadahunsi on behalf of the retail supermarket, as obtained by our correspondent on Monday. An employee at the store, who requested anonymity, confirmed the news, stating, “Yes, it is true, we just heard it here too.”


 Reasons Behind the Closure

The decision to close the Wuse branch was made after a thorough evaluation of the store’s financial situation and the current business climate. The company stated that this move is aimed at ensuring the long-term growth of the organization. Vendors have been notified that their services will no longer be required at the store.


The circular from Shoprite read: “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.”

The circular further mentioned that all existing service contracts will terminate with the store's closure. The company has assured vendors that it will review accounting records within the next 60 days to settle any outstanding balances. Vendors tied specifically to the Wuse branch are encouraged to reach out with any questions or concerns during this transition period.

This closure is part of a broader trend of multinational companies scaling down operations or exiting Nigeria altogether. Recently, beverage company Diageo sold its 58.02 percent shareholding in Guinness Nigeria to Tolaram Group. This trend has had significant economic impacts, with an economist estimating a N94 trillion loss in output over the past five years due to the exodus of multinationals from Nigeria.


In recent years, numerous companies have shut down or reduced their operations in Nigeria. Notable exits include Unilever Nigeria PLC, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria Ltd, and others. The economic climate, characterized by various challenges, has led to these companies seeking more stable markets.


The closure of Shoprite’s Wuse branch in Abuja reflects the ongoing challenges faced by businesses operating in Nigeria. As the company restructures to ensure long-term growth, it is crucial for stakeholders, including vendors and employees, to stay informed and prepared for the upcoming changes.


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