Shoprite Abuja Novare Central Mall branch is to close by June 30, 2024, due to financial reasons. Vendors affected. Nigerians react on social media.
Shoprite Mall has announced it will cease operations at its Abuja branch in Novare Central Mall, Wuse Zone 5, effective June 30, 2024. The decision, attributed to financial challenges and business climate, was communicated via a circular from CEO Dr. Folakemi Fadahunsi. The closure will affect vendors, with services terminating and outstanding balances reviewed in 60 days.
Nigerians have reacted strongly on social media. Many expressed concern over job losses and the economic impact, citing ongoing challenges in the retail sector. Some highlighted Shoprite’s inability to compete with local markets and other supermarkets. Others linked the closure to broader economic issues, criticizing government policies and the exodus of multinational companies. Amidst speculation about future employment and local market dynamics, reactions varied from disappointment to resignation, reflecting widespread economic anxieties and the evolving retail landscape in Nigeria.
The closure adds to a trend of multinational exits from Nigeria, which experts estimate have cost the country trillions in lost economic output over the past five years. This includes notable companies like Diageo and Shoprite, marking a significant shift in the business environment and employment landscape nationwide.
Social media users expressed mixed sentiments, with some seeing opportunities for local businesses to thrive, while others lamented the loss of familiar brands and potential job losses.
The closure underscores ongoing economic challenges facing Nigeria, prompting discussions on policy reform and economic diversification to sustain business growth and employment opportunities in the retail sector.
