Retail Supermarket Nigeria Limited (RNSL), operating as Shoprite Nigeria, has announced the closure of its Ado Bayero Store in Kano, citing consumer buying power, the high cost of doing business, rental costs, and negative financial performance.

In a statement issued on Monday, January 15, this year, its Chief Executive Officer, Hubertus Rick, stated that while the outlet would be shut down from January 14, this year, the retail chain is, however, mulling a two- to five-year bullish growth plan for the Nigerian market.

He stated further that while the company would continue to close down stores that are performing sub-optimally as the consumer economy tightens, it also plans to open four new outlets annually across the country, as guided by its retail market research.

Aside from the planned store closure, Retail Supermarkets Nigeria Limited has also commenced some store reopening across different locations, expected to span across the outgoing year 2023 right into 2024.

Shoprite has also demonstrated the resilience of its brand with the audacious restoration of its store at Circle Mall, Lekki, to business years after it was completely raised during the End SARs protests in October 2020, he stated.

Rick also clarified that the decision was not made lightly, as the company understands the impact it may have on its employees and the community.

He said, After careful evaluation of the financial situation of the store and the current business climate, Shoprite believes it is the best course of action for the long-term growth of our organisation.

Rick, however, assures the companys readiness to do business in Kano when the business environment becomes favourable since Kano remains a big city with room for a Shoprite concept.

He also assured employees of the company that they were likely to be affected by the difficult decision about the companys readiness to assist them during the transition period.

We understand that this news may be difficult to digest, and we want to assure you that we are here to support you during this transition period.

Your well-being is our top priority, and we will do everything we can to assist you in finding new opportunities within our company.

We encourage you to apply for any vacant positions in our existing stores across the country through the Human Resources department.

Additionally, we will be opening new stores in the coming months, and you are welcome to apply for employment there as well, he stated. (Nigerian Tribune)