Market News

Retail Supermarkets Nigeria Limited (RSNL) an operator of the Shoprite franchise in Nigeria has announced the closure of its Wuse Store located in the Novare Wuse Central Mall, effective June 30, 2024, citing poor financial performance.

According to a press statement signed by Folakeni Fadahunsi, the Chief Executive Officer of Retail Supermarkets Nigeria Limited, this decision comes after a comprehensive evaluation of the store’s financial performance and the prevailing business environment in the country.

He also stated that the decision was made with the organisation’s long-term growth in mind. “We believe this is the best course of action for our organization’s future,” Fadahunsi said.

Fadahunsi added that as of June 30, 2024, the company will cease all operations at the Wuse, Abuja location, and all associated service contracts will be terminated. The company assured that any outstanding balances will be addressed within the next 60 days, with careful review and confirmation of amounts owed to service providers.

“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,” Fadahunsi explained in a statement to stakeholders and service providers.

He also stated that the closure of the Wuse Store marks a significant shift in the company’s operations, reflecting the broader challenges facing the retail sector in Nigeria. Stakeholders and customers are advised to direct any inquiries to the company’s headquarters.

Retail Supermarkets Nigeria Limited remains committed to its customers and stakeholders and will continue to explore opportunities for sustainable growth in other locations across the country.