Business

Shoprite to Exit Ghana and Malawi as It Refocuses on South African Market

Chioma Ndukwu 3 months ago 1 min read

FILE PHOTO: Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi, Kenya November 13, 2020. REUTERS/Thomas Mukoya/File Photo

By: Chioma Madonna Ndukwu

Retail giant Shoprite has announced its decision to exit Ghana and Malawi as part of a broader strategy to concentrate on operations in South Africa. The company cited several operational difficulties in other African markets, including currency volatility, high inflation, steep import duties, and rent payments denominated in U.S. dollars.

This move follows earlier withdrawals from Nigeria, Kenya, Uganda, Madagascar, and the Democratic Republic of Congo.

Shoprite confirmed it has agreed to sell its five outlets in Malawi, pending regulatory approval. In Ghana, the company received an offer in June for the acquisition of its seven stores and a warehouse, a transaction it believes is likely to be finalized.

The retailer has gradually reduced investment in its non-South African operations, signaling a clear pivot toward strengthening its domestic business.

Despite pulling out of several countries, Shoprite’s South African operations remain strong. The company expects up to 19.4% growth in profit from continuing operations, with annual sales exceeding R252 billion (approximately $14 billion).

Its core business, Supermarkets RSA, accounted for 84.5% of total sales and saw a 9.5% increase. Additional growth areas include Checkers LiquorShop, up 13.8%, and its on-demand delivery service, Sixty60, which expanded by nearly 48%.

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Chioma Ndukwu

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Tags: #Business #Ghana #Malawi #Shoprite

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