South African Clothing retailer, Mr Price Group ltd announced plans to close shop in Nigeria and focus more on its domestic South African market.
The Company already closed four of its five stores in Nigeria and will close the last one in the coming months.
Nigeria will be the 3rd Country After Australia and Poland the retailer will exit this year.
Mr Price joins the list of South African retailers to experience the difficult terrain of Nigerian Busines Climate.
Most issues usually erupt from supply chain areas and profit repatriation. Woolworths Holdings, a seller of luxury fashion quit Nigeria 7 years ago while ShopRite Holdings has hinted on closing some stores in Nigeria.
” We are really going to focus on South Africa in a more concentrated way” CFO Mark Stirton says.
The company also expects it’s South African competitors to face distress back home.
The retailer says it won’t announce dividend in a bid to concerve cash and recently announced plans to sell shares to finance further growth opportunities.