South African mega retail outlet yesterday announced how it’s set to quit the Uganda market.
The retail supermarket had spent 21 years in the Ugandan market and has been one of the formidable market players.
Uganda however won’t be the only country they are exiting but Madagascar too.
“In line with the group’s non-RSA review process, our operations in Madagascar and Uganda have been classified as discontinued.” The statement partly ready.
The major reason behind this development is the huge losses that have been indicated.
Losses of about Shs 43.5billion were incurred in 2020 a figure high up from the Shs 24.5 billion losses in 2017.
It’s now reported that Carrefour a UAE retail outlet is in talks to acquire ShopRite Uganda.
This was confirmed by the CEO of the African magazine who said both parties are now locked in talks.
Uganda and Madagascar will follow Nigeria and Kenya who had their ShopRite services ceased months ago.
These huge losses have been greatly attributed to COVID 19 which greatly hindered and ravaged global economies.
ShopRite had five retail outlets in Uganda.
These included shops at Acacia Mall, Lugogo Mall, Victoria Mall in Entebbe, Village Mall and in Bugolobi.