Retail Supermarkets Nigeria Limited, RSNL, the operator of the Shoprite franchise in Nigeria, has said it is not shutting down, reaffirming its commitment to continue doing business in the country.

In a statement, the firm, backed by new investors, clarified the current business operations, stressing that it is undertaking a holistic business model reset to align with Nigeria’s economic realities.

“The former business model, inherited after the company’s acquisition, heavily relied on large store formats, imports, and high overheads.

“This model is no longer viable in the face of Nigeria’s current economic climate, which includes exchange rate volatility, rising inflation, and constrained liquidity,” the statement reads.

According to the firm, the new business model was designed to become less dependent on imported products, saying that 80 per cent of its products are sourced in the country.

It further explained that the new model would stabilise operations and reposition the business for long-term growth.

“This reset is built on several key pillars: local supply chains, with over 80% of products now sourced in Nigeria,” it added.

The firm’s Chief Strategy Officer, Bunmi Adeleye, described the present process of the business as a rebuilding phase, stressing that the business outlook is targeted to become more local.

We’re not shutting down – ShopRite