Retail chain ShopRite has dismissed rumors of shutting down operations in Nigeria. Instead, the company has confirmed plans to open two new stores in Lagos this March. Located at The Palms Shopping Mall and Circle Mall.
In an exclusive interview with Nairametrics, Bunmi Adeleye, Chief Strategy Officer at Retail Supermarkets Nigeria Limited. The new owners of the ShopRite franchise—clarified that the company is undergoing a restructuring process to strengthen its operations, not exit the Nigerian market.
The clarification comes after speculation arose that ShopRite had ceased operations in Nigeria, following reports of some store closures.
According to the company, the upcoming store openings are part of a phased turnaround strategy. Aimed at optimizing store formats and improving operational efficiency.
What ShopRite is Saying
Bunmi Adeleye revealed that the two new stores are set to open in March 2026. As part of a structured turnaround plan that began in August 2025.
“We have specific timelines for our turnaround program,” Adeleye explained. “We set targets for the first 90 days, six months, and 12 months. We’ve just completed the six-month milestone and are now moving toward the 12-month goal.”
She added, “The program started in August 2025, after receiving approval to proceed. We’ve completed the first 90 days, reached the six-month milestone in February, and are now entering the next phase. The two new stores will open later this month at Circle Mall in Jakande and The Palms in Oniru.”
Adeleye also mentioned that the company recently hired a Chief Commercial Officer and currently operates about 23 stores across 14 states in Nigeria.
Additional Insights
Adeleye suggested that rumors of a potential shutdown may have been fueled by disgruntled employees or competitors, though no specific incidents were identified.
The company acknowledged challenges tied to operating in large shopping malls, particularly with rent negotiations. As Nigerian investors took over mall ownership, some rents were denominated in dollars, significantly increasing operating costs.
In one instance, rent accounted for over half of a store’s revenue, forcing the company to exit the location after failed negotiations. Some vacated retail spaces remained empty, while others were later leased at much lower rates.
As part of its restructuring, ShopRite is exploring smaller neighborhood store formats. This shift aims to reduce costs related to rent, electricity, and diesel while adapting to changing consumer shopping habits.
Key Takeaways
Despite rumors, ShopRite has confirmed it is restructuring, not shutting down, its Nigerian operations.
The retail chain first entered Nigeria on December 16, 2005, under its former South African owner. Shoprite Holdings Limited (SHL), with its debut store at The Palms Shopping Mall in Lagos.
