Shoprite Group, Africa’s largest grocery retailer has announced it’s plans of withdrawing from Uganda as a strategy of adding to it’s growing list of African departures.
According to Shoprite, they have been reviewing their long-term options across Africa over the past years as currency devaluations, lower commodity prices and high inflation rates have hit household incomes and weighed on earnings.
They further forecast up to 25.3% rise in annual basic headline earnings per share from continuing operations.
The other African country reported to be facing closure from Shoprite is Madagascar.
Shoprite had become one of the biggest retailer outlets in Uganda with several branches in Kampala at top malls like Lugogo mall, village mall in Bugolobi, Acacia mall in Kololo and Victoria mall in Entebbe.
Shoprite was brought to Uganda in 2000 and the collapses of Uchumi and Nakumatt supermarkets had given the group an edge in the retail market.