Shoprite will close its Abuja branch on June 30, citing financial reasons

Shoprite Mall announced that it will close its branch located at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024.

This decision was taken after a thorough evaluation of the store’s financial situation and current business climate, according to a circular signed by CEO Dr. Folakemi Fadahunsi on Monday.

The circular read: “We regret to inform you that with effect from June 30, 2024, Retail Supermarkets Nigeria Limited will close the Wuse Store located at Novare Wuse Central Mall, Abuja. This decision was made after a thorough evaluation of the store’s financial situation and current business climate. We believe this is the best course of action for the long-term growth of our organization.

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“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we no longer require your services for Novare Wuse Central Mall Store. Please note that all existing service contracts will also expire for that store.

“The company will review its accounting records over the next 60 days to resolve the outstanding balance and will contact the vendor to confirm the amount owed and discuss an appropriate payment schedule.”

Shoprite thanks it for past business and offers assistance during the transition.

These closures are part of a larger trend of multinational companies leaving Nigeria, with the most recent example being Diageo’s sale of its 58.02% shareholding in Guinness Nigeria to the Tolaram Group on June 11, 2024.

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