South African retailer, Pick n Pay has announced it will exit Nigeria, selling its 51 per cent stake in a joint venture as part of a strategy to restructure operations outside of its home market
Pick n Pay Chief Executive Officer, Sean Summers, confirmed the exit on Monday, according to Reuters, signaling another major South African player stepping back from Nigeria’s retail sector.
Pick n Pay initially entered Nigeria in 2021 after partnering with A.G. Leventis (Nigeria) in 2016 and operated two stores.
The venture was originally viewed as a step into one of Africa’s largest consumer bases, targeting Nigeria’s underserved grocery retail market.
However, it appears economic challenges, naira volatility, and other regulatory issues may have contributed to making it difficult for the retailer to maintain profitability and expand as envisioned.
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Good riddance to bad rubbish