Shoprite plans to exit Ghana and Malawi
The supermarket retailer had expanded extensively in Africa, surpassing rivals such as Pick n Pay and Walmart-owned Massmart to become the continent's leading food retailer in 15 countries.
But forays into markets such as Angola and Nigeria were marred by currency volatility, double-digit inflation, high import duties and dollar-based rentals.
On Tuesday it said Shoprite Malawi signed an agreement on June 6 to dispose of five trading stores, pending certain conditions, including approval from the Competition & Fair Trading Commission and the Reserve Bank of Malawi.
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