JUST IN: Shoprite to shutdown Abuja branch June 30, over ‘current business climate’
Shoprite Mall says it will cease operation in one of its branches situated at Novare Central Mall in Wuse Zone 5, Abuja from Sunday, June 30, 2024.
This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, on behalf of the retail supermarket on Monday.
The mall attributed its decision to a thorough evaluation of the store’s financial situation and the current business climate.
It, however, notified vendors that their services would no longer be needed at the store.
According to the circular, “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.”
The company said it would be reviewing its accounting records in the next 60 days to settle outstanding balances.
“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,” it said.
A staff at the store who pleaded anonymity also confirmed the report, saying “Yes, it is true, we just heard it here too.”
Thefrontrank reports that multiple multinationals have recently left Nigeria by either scaling down operations, transferring ownership or selling their stakes.
The exodus of multinationals from the Nigerian economy has cost the country a N94 trillion loss of output in five years, according to an economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry in Nigeria, Dr Vincent Nwani.