Shoprite on Monday said it was shutting down one of its branches, Novare Central Mall, Wuse Central, Abuja, from June 30, 2024, blaming the current harsh economic climate for the decision.
In a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket, the popular mall said it came to the conclusion after a thorough evaluation of the store’s financial situation.
It notified vendors that their services would no longer be needed at the store, stressing that it will be reviewing its accounts with them in the next 60 days, with a view to reconciling any outstanding balances.
“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 organisation’s long-term growth.
“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store,” the circular stated.
The latest development is coming about six months after Shoprite Mall in Kano similarly stopped operations in its branch from January 14, 2024.
Likewise, the popular Kano mall attributed its decision to financial difficulties and high production costs confronting business establishments in the country in a circular made available at the time.
It also came on the heels of an announcement by Jumia Food to cease operation in Nigeria, citing growing economic challenges.
“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.
“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team. If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us,” it added on the latest incident.
A number of firms in the country, especially multinationals have recently completely left Nigeria, scaled down operations, transferred ownership or sold their stakes.
Among them in recent times have been Diageo, which sold its 58.02 per cent shareholding in Guinness Nigeria to Tolaram, Unilever Nigeria PLC, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria Ltd, Sanofi-Aventis Nigeria Ltd, Equinox Nigeria, and Bolt Food & Jumia Food Nigeria.
Some others are: Microsoft Nigeria, PZ Cussons Nigeria PLC, Kimberly-Clerk Nigeria, among others.
Nigeria is battling the impact of a weakening local currency, the effect of the ‘removal’ of petrol subsidy as well as skyrocketing energy prices, including electricity, diesel and gas costs, which have more than doubled in the last one year of the current administration.
Emmanuel Addeh
Follow us on:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…
View Comments
Approve by the INTERNAL ofNG,, opportunities to get a car of your choice at a minimum price E-Auction Vehicles/Cars For Sale of Rice...Motor
Mama Africa #17,000 •Tomatoes Rice # *15,000* •Cap Rice #15,000 •My Food #17,000 •Mama Gold #17,500 •Ade Brazil #15,000 •Elephant Gold #15,000 •Royal Umbrella #15,000 Etc.
Golf3= 400,000
((08138559865) (+234_815__8559_865)
Toyota Exterra=850,000
Toyota Camry big daddy=650,000
Toyota Venza= 1.7million
Toyota Avalon=850,000
Toyota Rav4=950,000
Toyota Prado=1.3million
TOYOTA HILUX=2million
Toyota Sienna=850,000
TOYOTA 4-RUNNER=950,000
Toyota Corolla=650,000
Toyota Matrix= 700,000
Toyota Highlander=950,000
Toyota Picnic=500,000
Tacoma 1.850,000
Toyota Hiace Bus=950,000
Toyota Tundra=1.5million
Toyota Sequola=900,000
BMW 5-series=1.960,000
BMW 3-series=1.640,000
BMW X6=2.670,000
Ford Edge=700,000
Ford Escape=600,000
Honda Elantra=600,000
Honda Baby-Boy=700,000
Dyna Truck 900k
TIPPER Head 6mill
Honda Accord=550,000
Honda CRV=650,000
HONDA CIVIC=500,000
HONDA EVIL-SPIRIT=750,000
HONDA ODYSSEY=500,000
Honda Pilot=850,000
Nissan pathfinder=800,000
Nissan Amanda=750,000
Infinity=950,000
Benz C250=N1.300,000
Benz C300=1.6MILLION
Benz ML350=2 million
Benz ML300=1.5 million
Benz ML550=2.6million
Mercedes-Benz C-Class ₦1.3Million
Mercedes-Benz E-Class ₦1.8Million
Mercedes-Benz GLK ₦3.Million
Es330 1.6
Lexus C5 350=950,000
IS250 1m
Lexus Rx300=1.2 million
Lexus Rx330=1.5 million
Is350 2mill
Gx470 1.8mill
Lexus Rx350= 2 million
ES350 2mill