After having started it’s opperation from the year 2000, Shoprite on Monday confirmed that it is going to shut down.
This websites has also learned that not only will the supermarket giant quit business in Uganda but also in Madgascar.
The main reason shoprite is quitting is due to a large loss incured during the pandemic of up to Shs. 43.5 billion which was almost dubble that of the year 2017 which was a Shs. 24.5 billion loss.
In the half-year ended December 2020, Shoprite reported that sales fell 8.4%, or by 784 million Rand (US$ 51.8 million), with Kenya, Uganda and Madagascar contributing about 46 million rand (US$ 3 million) of the drop. quoted ‘the independent’ an online local paper
It is said that another foreign company is in talks with shoprite for the purchase of the supermarket.
Shoprite was also closed down in 2020 in Kenya two years after opperation in 2018.
