South African retailer Shoprite had shut its operations in Democratic Republic of Congo, a statement seen by UG Standard indicated.
The latest decision follows the closure of shops in Nigeria, Kenya, Uganda and Madagascar as the group aims to focus more on its business in South Africa, Shoprite said.
“The decision to close operations in the Democratic Republic of Congo during this period is regrettable but is part of the group’s long-term strategy,” its statement dated Nov. 21 said.
Shoprite launched in Congo in 2012 during a period of aggressive expansion push into African’s frontier retail markets.
Shoprite’s three shops in Congo were among its 2,800 stores across 15 countries in Africa.
It said its expansion plans had been hit by currency volatility, double-digit inflation, high import duties and dollar-based rentals.