Retail Supermarkets Nigeria Limited (RSNL), operator of the Shoprite franchise in Nigeria, has dismissed speculations of a shutdown, reaffirming its commitment to remain in business despite prevailing economic challenges.
In a statement on Friday, Chief Strategy Officer, Bunmi Adeleye explained that it is undertaking a holistic reset of its business model to better align with Nigeria’s economic realities, including exchange rate volatility, rising inflation, and liquidity constraints.
“The former business model, inherited after the company’s acquisition, heavily relied on large store formats, imports, and high overheads. This model is no longer viable in the face of Nigeria’s current economic climate,” she said.
Backed by new investors, RSNL said its new strategy is designed to make operations more sustainable and less dependent on imports. According to the company, 80 per cent of its products are now sourced locally, a move it believes will stabilise operations and reposition the business for long-term growth.
