South African retail giant, Pick n Pay has announced its exit from the Nigerian market, confirming plans to sell its 51% stake in a joint venture.
This decision, revealed by Pick n Pay’s CEO, Sean Summers, aligns with the company’s strategy to refocus on operations within its home market.
Having entered Nigeria fewer than five years ago in partnership with A.G. Leventis, Pick n Pay currently operates two stores in the country.
Its exit adds to the growing trend of international companies retreating from the Nigerian market due to economic and operational challenges.
This trend has recently seen other high-profile exits. In June, Shoprite closed its Abuja location, following the shutdown of its Kano store earlier in January 2024, citing unfavorable financial and business conditions.
Additionally, Jumia announced in December 2023 that it would cease its Jumia Food operations in Nigeria, calling the food delivery sector unsustainable under current economic pressures.
A number of multinational companies, including GlaxoSmithKline, Procter & Gamble, Sanofi, and Kimberly-Clark, have similarly withdrawn from Nigeria, pointing to the country’s challenging business environment as a significant factor.
