New Telegraph

Harsh Business Climate: Shoprite to Close Abuja Mall June 30

Retail Supermarkets Nigeria Limited, operators of Shoprite Mall, has announced that it will cease operations at its Wuse, Abuja branch on June 30. In a statement signed by the Chief Executive Officer, Dr. Folakemi Fadahunsi, on behalf of the retail supermarket, the company said the decision was occasioned by the current business climate in the country,

It also said vendors have been informed that their services would no longer be required at the location and that it will review its financial records in the next 60 days and contact those on amounts owed and payment schedule. The statement 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 organisation’s longterm 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.”

New Telegraph reports that in the last few years, notable companies including multinationals such as GSK, Procter & Gamble, Sanofi and Kimberly-Clark, have announced their exit from the country citing challenges such as weak foreign exchange, increased power cost, reduced consumer purchasing power due to high inflation and others.

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