Shoprite to exit Ugandan market after 21 years
Shoprite, a South African-based retailer, has stated that it would leave the Ugandan market after 21 years.
Shoprite, a South African-based retailer, has stated that it would leave the Ugandan market after 21 years.
Shoprite said in a statement that they will likewise exit the Madagascar market, citing a variety of factors.
Our activities in Madagascar and Uganda have been categorized as ceased, in accordance with the group’s non-RSA assessment procedure, according to the statement.
The new development comes 21 years after Shoprite initially opened its doors in Uganda.
According to Shoprite’s 2020 financial reports, the company lost Shs 43.5 billion in 2020, up from Shs 24.5 billion in 2017.
According to many reports, Carrefour, a UAE-based grocery giant, is in discussions to buy Shoprite’s Ugandan share.
Carrefour approached Shoprite, according to the CEO African Magazine, and the two companies are now in discussions.
Shoprite has already announced that it would shut its operations in Kenya in 2020, barely two years after launching in Nairobi in 2018.
“Continued under-performance, relative to return requirement,” Shoprite said.
