Retail giant Shoprite Nigeria has broken its silence following widespread rumours that it is shutting down operations across the country.

In a statement released on Friday, Retail Supermarkets Nigeria Limited (RSNL), the operators of Shoprite, reassured Nigerians that it is not exiting the country but rather undergoing a “business model reset” to adapt to prevailing economic realities.

The company explained that its old model, which relied heavily on large store formats, imports, and high overhead costs, was no longer sustainable due to exchange rate volatility, inflation, and liquidity constraints.

As part of its reset strategy, Shoprite revealed that it is now focused on strengthening local supply chains, with over 80% of its products sourced within Nigeria. The move is expected to make the brand more affordable, sustainable, and better aligned with the Nigerian market.

Chief Strategy Officer of RSNL, Bunmi Adeleye, emphasized that Shoprite is in a rebuilding phase with the support of new investors.

“This is not a collapse; it is a reset. The old model did not work for Nigeria. With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient. We are coming back bigger and stronger to serve Nigerian customers better than ever before,” she said.

The company added that the restructuring will help stabilize operations and position Shoprite for long-term growth in Nigeria’s retail sector.