RETAIL GIANTS TO EXPAND IN NIGERIA... See Details

Joining its counterparts Shoprite, Walmart and the likes, South African retail giant Pick n Pay has announced plans to enter Africa's largest economy, Nigeria.
With sources from their Wiki Page, Pick n Pay is the second largest supermarket chain store in South Africa, established in 1967. It can also be found in other regions of southern Africa, such as Botswana, Mozambique, Zambia, Zimbabwe, Lesotho, and Namibia as well as Mauritius and had planned to open in Malawi but has yet to do so. The Cape Town-based retailer has agreed to partner with Lagos-based AG Leventis & Co, the Sunday Times reported.

Pick n Pay will hold 51 percent of the operation in Nigeria "which will roll out a combination of large and smaller formats to meet consumer needs."

The report though did not indicate when the Nigerian expansion would start.

The retailer added that it had posted a 26% increase in full-year profits, with its earnings per share rising to R2.24 in the year through to February.

Its sales increased 8.2% to R72.4-billion and the trading-profit margin improved from 1.9% to 2.1% in 2015.


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