Retail Supermarkets Nigeria Limited (RSN), the owners of Shoprite at Novare Wuse Central Mall in Abuja, has announced plans to close the store, effective June 30, 2024.
This decision comes after a detailed assessment of the store’s financial performance and the current business environment, aimed at aligning with the company’s long-term growth strategy.
Dr Folakemi Fadahunsi, the Chief Executive Officer of RSN, disclosed this development in an official statement, highlighting that the company would cease operations at the Wuse, Abuja location by the end of June.
“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,” Dr Fadahunsi stated.
The closure means that RSN will no longer require the services of its partners and service providers associated with the Shoprite store at Novare Wuse Central Mall.
“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,” Dr Fadahunsi added.
RSN has assured its partners that any outstanding balances and related financial matters will be addressed diligently. The company plans to review its accounting records over the next 60 days to ensure all dues are settled.
“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. We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule,” the statement read.
Dr Fadahunsi appreciated partners and service providers for their past business and cooperation, stating the pleasure of working together.
“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.”
Multinational companies are reducing their presence in Nigeria. Notably, Diageo recently sold its 58.02% stake in Guinness Nigeria to Tolaram Group, and several other companies have exited the Nigerian market in recent years.
The impact of these exits on Nigeria’s economy has been huge, with an estimated N94 trillion loss in output over the past five years.
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