Barely Five Years In, South Africa’s Pick n Pay Retailer Is Set To Exit The Nigeria Market
Linah Amondi . 3 months ago
A.G Leventis
pick n pay

Share this post
Subscribe to our newsletter
Article Summary: South Africa’s Pick n Pay retailer is set to exit the Nigerian market barely five years in, as part of its restructuring strategies. This will see the retailer sell 51% of its shares under the JV with business conglomerate, A.G Leventis, as announced in its just-released H1:2025 financial results
South Africa’s Pick n Pay retailer is set to exit the Nigerian market barely five years in, as part of its restructuring strategies. This will see the retailer sell 51% of its shares under the JV with business conglomerate, A.G Leventis, as announced in its just-released H1:2025 financial results. Warily, Pick n Pay which is one of South Africa’s biggest retailers braved the Nigerian market in 2021 through its pilot store in the prime neighbourhood of Victoria Island, Lagos. This was amidst the uncertain COVID-19 business environment, with some retailers opting out. Following the breakthrough of challenges and improved sales, it opened a second branch in the affluent neighbourhood of Ikoyi-Lagos in 2022, while maintaining a cautious approach.

Pick n Pay Victoria Island, Lagos
Retail investors exiting the Nigerian property market amidst constrained profits
Pick n Pay’s exit comes as a trend as it isn’t the first South African investor to exit the Nigerian retail market citing restructuring strategies outside its mother country, amidst constrained profits. Among them include Shoprite which recently closed its Abuja and Kano outlets, and, Resilient REIT and Hyprop which sold their shares in various malls in the country this year.
This trend has been fueled by the tough operating business environment plagued by currency devaluation, persistent inflationary pressures, and constrained spending power among other setbacks, which has hindered operations even for other foreign and local operators. Moreover, other real estate sectors such as the industrial market have also been impacted by the international exits besides the retail sector. The aforementioned economic factors are expected to continue hampering the optimum performance of the retail market in Nigeria.
We love your feedback! Let us know what you think about Pick n Pay’s exit as well as Nigeria’s overall retail market by emailing [email protected].
If you have research requirements or are considering investing in Nigeria’s property market, contact our Capital Advisors team at [email protected].
Related News
You will find these interesting

Dapo Runsewe . February 2025
The African Medical Centre of Excellence (AMCE), Abuja – Federal Capital Territory
abuja
africa

Oyindamola Ladejobi . January 2025
A Closer Look at the Abuja Afreximbank African Trade Centre (Abuja – AATC)
afrexim bank
cappa and d'alberto

Linah Amondi . December 2024
Inside The New Onomo Allure Hotel In Abidjan
Global hotel chain Onomo recently introduced a new hotel brand dubbed Allure, with Abidjan-Cote d’Ivoire being the debut...
ONOMO