Aug 22 - South African supermarket chain, Shoprite, announced on Tuesday, it will be spending $205 million on retail property development in Nigeria to support its expansion in the country.
The company, which is also considered to Africa’s top retailer, said it is looking to add nine new stores in Nigeria by June 2013.
But in order to expand, the proper infrastructure needs to be developed, an issue other major retailers have felt the effect of across the continent, including Wal-Mart stores via a 51 per cent stake in domestic retailer Massmart, who have found their growth hampered by the lack of retail infrastructure in Africa.
Shoprite first entered Nigeria in December 2005 when it opened a store in Lagos, the most populous city in Nigeria.
The retailer recently reported a 20 per cent jump in full-year earnings and is said to be pushing aggressively into fast-growing markets with a lot of opportunity, including Nigeria as well as Angola, where it plans to open 21 new stores.
No comments:
Post a Comment