Retail Supermarkets Nigeria Limited (RSNL), the operator of the Shoprite franchise in Nigeria, has assured the public that it is not shutting down. In a recent statement, the company, which is backed by new investors, reaffirmed its commitment to continue operating in the country.
RSNL clarified that it is currently undergoing a comprehensive business model overhaul to better align with Nigeria’s economic conditions. The company acknowledged that the previous business model, inherited after its acquisition, relied heavily on large store formats, imports, and high overheads—approaches that are no longer sustainable due to factors such as exchange rate volatility, inflation, and tight liquidity.
To address these challenges, the company has pivoted to a more localized approach, reducing reliance on imported goods. RSNL now sources 80% of its products locally, a shift aimed at stabilizing operations and positioning the company for long-term growth.
Bunmi Adeleye, RSNL’s Chief Strategy Officer, described the transition as a rebuilding phase, emphasizing that the company is focused on becoming more local in its operations.
This strategic reset marks a significant shift for RSNL as it adapts to the evolving market conditions inNigeria.
