In the latest blow to Nigeria’s struggling economy, Shoprite Mall has announced the closure of one of its branches in Abuja, effective June 30, 2024. This decision underscores the persistent economic challenges faced by businesses operating in the country.
The company, in a circular signed by Chief Executive Officer Dr. Folakemi Fadahunsi on Monday, noted that the move was hinged on the current business climate in the country and after a thorough evaluation of the store’s financial performance.
Additionally, vendors were informed that their services would no longer be required at the location and it will review its financial records in the next 60 days and contact those on amounts owed and payment schedule.
It stated: “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. We believe this is the best course of action for our organization’s long-term growth.”
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“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.”
“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 (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.”
The closure of the Shoprite Abuja Mall marks another chapter in the now frequent closure of businesses across the country over adverse business and economic conditions.
Recall that in January, the company shut down its Kano store
Retail Supermarket said it understands the impact on its employees, but cannot continue due to the “current business climate”.
“This decision was not made lightly, as we understand the impact it may have on our employees and the community. However after careful evaluation of the financial situation of the store and the current business climate, we believe it is the best course of action for the long-term growth of our organization,” the company noted.
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