South African company Massmart is leaving Nigeria and will be the second retail giant
In 2021, Shoprite took a similar step, selling off its subsidiary, which has been operating in Nigeria for 15 years
Massmart’s exit from Nigeria is similar to its decision in other African markets in the last one year
South African retail giant Massmart has sold its Games Discount World stores in Nigeria.
The assets were sold to the controlling shareholder of PricePointe Wholesale Club, an organisation that operates a wholesale store in Lagos.
The value of the deal is unknown, but Massmart will make it the second exit by a South African company in less than two years, following the sale of Shoprite’s Nigerian subsidiary.
Why is another south African gaint leaving
Massmart has been adjusting operations across Africa amid reported interest from American retail giant Walmart in the last few months.
Massmart Chief Executive Mitch Slape also recently said that the company is reviewing its store portfolio outside of Southern Africa as part of a turnaround plan to stabilize the business.
The review has now resulted in the disposal of 14 stores across Ghana, Nigeria, Uganda, Kenya and Tanzania, Nationnewslead reports.
Nationnewslead reports that Slape told investors that the performance and the complexity of running those businesses is something that needed to be addressed.
“We’ve commenced a formal sales process, we’re currently in discussions with potential purchasers to take on those stores.”
PricePoint takes over Game stores
After a 12-month period of evaluation and engagement with numerous parties, the sale of the Games Discount World stores in Nigeria to PricePointe Wholesale Club was completed.
Massmart believes that the PricePointe familiarity with regional market conditions will improve overall store performance.
PricePointe Wholesale Club’s is also the purchaser of the Massmart assets in the four other countries.
Man locked inside a supermarket
Meanwhile, Nationnewslead earlier reported that a man known as Khaos Blackmetal on TikTok found out that he has been locked in a supermarket after the only worker closed up without properly checking if there is still a customer indoors in 2020.
Despite it happening more than a year ago, the man only recently shared the event footage online, saying he was stuck inside with another customer and had to call the police.
The police in turn reached out to the store manager to free them. The man said:
“During the pandemic, Aldi closed early and the cashier neglected to make sure no customers were left in the store.” Continue Reading