Shoprite Set To Shut Down Operations in Congo

By Joshua Samuel South African giant retailer Shoprite has decided to shut down its shops in Democratic Republic of Congo, a company statement has revealed from reliable sources. The decision is coming as a result of the closure of operations in Nigeria, Kenya, Uganda and Madagascar as the company wants to focus more on its business in South Africa, Shoprite revealed. "The decision to shut down operations in Congo during this period is regrettable but is part of the company's long-term strategy," its statement dated Nov. 21 said. South Africa's largest retailer by market capitalization started in Congo in 2012 during a season of aggressive expansion push into African's frontier retail markets. Shoprite's three shops in Congo were among its 2,800 stores spanning across 15 countries in the whole of Africa. Shoprite revealed after the sale of its Nigerian unit last year that it was revamping its model from an ownership to a franchise one after a review of its long-term options in Africa. The company further revealed that its expansion plans had been hit by currency volatility, double-digit inflation, high import duties and dollar-based rentals.