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Shoprite: Growth has slowed down due to lack of retail space in Nigeria

Shoprite: Growth has slowed down due to lack of retail space in Nigeria
February 22
07:28 2017
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The management of Shoprite, popular South African retailer, says it will only open two stores in Nigeria over the next 15 months due to lack of retail space.

Pieter Engelbrecht, the retailer’s chief executive, told Reuters in an interview that it could have opened as much as 13 stores but for space constraint.

“Look, at Nigeria with the new legislation there where the clothing retailers had to withdraw, now you don’t have enough tenants for (shopping) centres and therefore not as many centres are being built and now growth slows.”

Shoprite announced a 15.5% rise in half-year profit on Tuesday attributing it to increased profits in Nigeria and Angola.

Sales in Angola rose by 155% from a year ago, while Nigerian revenue rose by 60%.

The retailer has expanded its reach outside its home country and sales from other African countries now account for more than a fifth of its total sales.

The largest Shoprite outlet is located in Ibadan, Nigeria, with other outlets around the country.

Nigeria is also home to a number of South African businesses including MultiChoice and MTN.

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