{"id":21004,"date":"2020-09-09T03:05:02","date_gmt":"2020-09-09T01:05:02","guid":{"rendered":"http:\/\/praag.org\/?p=21004"},"modified":"2020-09-09T03:05:02","modified_gmt":"2020-09-09T01:05:02","slug":"shoprite-quits-nigeria","status":"publish","type":"post","link":"https:\/\/praag.org\/?p=21004","title":{"rendered":"Shoprite quits Nigeria"},"content":{"rendered":"

Shoprite, one of the first SA companies to expand into Nigeria is pulling out after 15 years, a huge change in the long-term strategy pushed by former CEO Whitey Basson.<\/p>\n

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It marks a walking away from the country by yet another SA company, as Shoprite follows Tiger Brands, Woolworths and Mr Price. Nigeria\u2019s huge market potential has been damaged by currency devaluations, weakening oil prices and challenges from earnings in local currency but supplies paid in dollars.<\/div>\n
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The decision is a U-turn for CEO Pieter Engelbrecht, who inherited the once lucrative but risky Nigeria business from Basson, and who told Business Times two years ago that the West African country was central to the group\u2019s cross-border expansion strategy.<\/p>\n

Shoprite said in August it had been approached by various investors and has decided to initiate a formal process to consider the potential sale \u201cof all, or a majority stake\u201d in its Nigerian supermarket business.<\/p>\n

Source: Business Day<\/p>\n","protected":false},"excerpt":{"rendered":"

Shoprite, one of the first SA companies to expand into Nigeria is pulling out after 15 years, a huge change in the long-term strategy pushed by former CEO Whitey Basson. It marks a walking away from the country by yet another SA company, as Shoprite follows Tiger Brands, Woolworths and Mr Price. Nigeria\u2019s huge market … Continue reading “Shoprite quits Nigeria”<\/span><\/a><\/p>\n","protected":false},"author":2961,"featured_media":21005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4,123],"tags":[2470,6216,6218],"class_list":["post-21004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-south-africa","category-world","tag-nigeria","tag-shoprite","tag-whitey-basson"],"cc_featured_image_caption":{"caption_text":"Lagos, Nigeria","source_text":"","source_url":""},"jetpack_featured_media_url":"https:\/\/praag.org\/wp-content\/uploads\/2020\/09\/omotayo-kofoworola-7eHPxnhY_uA-unsplash1.jpg","_links":{"self":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/21004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/users\/2961"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21004"}],"version-history":[{"count":1,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/21004\/revisions"}],"predecessor-version":[{"id":21006,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/21004\/revisions\/21006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/media\/21005"}],"wp:attachment":[{"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}