South African grocery retailer, Pick n Pay, on Monday, announced its exit from Nigeria, selling its 51% stake in a joint venture with A.G. Leventis, Nigeria.
This move is part of the company’s broader restructuring efforts outside its home market.
Pick n Pay entered the Nigerian market less than five years ago, establishing two stores. However, citing strategic reevaluation, Sean Summers, CEO of Pick n Pay, confirmed the retailer’s departure, in a press release.
“We continuously evaluate our international operations to ensure alignment with our strategic objectives,” Summers stated. “This decision will enable us to focus on our core markets.”
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Growing List of Departures
Pick n Pay’s exit follows other multinationals leaving Nigeria:
1. Shoprite (South African retailer): Closed Abuja store in June 2024, after shutting down its Kano store in January 2024.
2. Jumia: Ended its food delivery service, Jumia Food, in December 2023, citing unsustainable market conditions.
3. GlaxoSmithKline (GSK) Consumer Nigeria Plc
4. Procter & Gamble
5. Sanofi
6. Kimberly-Clark
The departures raise concerns about Nigeria’s attractiveness to foreign investors and potential implications for employment and economic growth.
As Pick n Pay and other multinationals depart, local retailers may seize opportunities to fill the gap, shaping Nigeria’s retail landscape.
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