Beauty

Shoprite to pull out of Congolese market

THE WHAT? South African retailer, Shoprite has announced that it is closing its operations in the Democratic Republic of Congo, according to a report published by Reuters.

THE DETAILS Shoprite operates three stores in the DRC. The South African retailer is said to have conducted a review of its long-term options in Africa. It operates some 2,800 countries across the continent.

THE WHY? The move is part of Shoprite’s long-term strategy to focus more on its South African market and move from ownership to a franchise model. It has also pulled out of Nigeria, Kenya, Uganda and Madagascar, Reuters reports, as its expansion plans are hit by inflation, currency volatility and high import taxes.

The post Shoprite to pull out of Congolese market appeared first on Global Cosmetics News.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Beauty