See why Shoprite is shutting down operation in Kano and when

• Shoprite Mall has decided to close down its operation located in Abuja after the decision on the Kano branch
• The company cited several reasons, which include low purchasing power and the challenging business climate in the country
• The state of the Nigerian economy has seen the purchasing power of Nigerians reduce significantly

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Shoprite Mall has announced the closure of its branch at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024.

The decision was disclosed in a circular signed by Folakemi Fadahunsi, the Chief Executive Officer informing vendors that their services would no longer be required at the store.

Shoprite has decided to close shop in Abuja. Photo credit: Aminu Abubakar
Source: Getty Images

Why Shoprite is closing one of its branches in Abuja

The mall cited a thorough assessment of the store’s financial status and the state of the economy as the reasons behind this move.

Shoprite has informed vendors that their services would no longer be required at the store.

The circular 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.“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. “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.”

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Source: Legit.ng