Nigeria’s N2.5trn mall economy hit as Shoprite shuts stores
Nigeria’s mall economy, valued at about N2.5 trillion, has suffered a major setback following the complete shutdown of Shoprite outlets across the country. The popular retail chain, which once served as the main anchor tenant for many shopping malls, had been struggling in recent months with empty shelves and partial closures before finally going dark. Shoprite’s exit leaves a huge gap for mall owners, property developers and smaller retailers who depended on the supermarket’s strong foot traffic to drive sales. Experts say vacancy rates in major malls are likely to rise, while many support businesses such as boutiques, restaurants and service outlets may see lower patronage or be forced to shut down. The closures come after a prolonged period of operational challenges for Shoprite, including high operating costs, supply chain disruptions, naira depreciation and weak consumer purchasing power. Several outlets […]
