Table of Contents
Key Points
- Shoprite Nigeria, owned by Ketron Investment Ltd., opens its first outlet in Benin City, reinforcing its growth strategy in the Nigerian market.
- The Benin City store marks a key milestone after Shoprite Nigeria’s acquisition by Ketron Investment Ltd. in June 2021.
- Despite market challenges, RSN’s expansion continues, with Persianas Group investing $100 million in a new event venue in Lagos.
Shoprite Nigeria, the country’s top supermarket chain managed by Retail Supermarkets Nigeria Limited (RSN), owned by Ketron Investment Limited, an investment group led by Nigerian businessman Tayo Amusan, has opened a new outlet in Benin City, the capital of Edo State.
This new store, situated within a modern shopping mall developed through a public-private partnership, marks Shoprite’s first entry into Benin City and reinforces the company's strategic growth in Nigeria.
Shoprite Nigeria revitalized under new owners
The launch, celebrated with an event attended by Edo State Governor Godwin Obaseki, RSN CEO Folakemi Fadahunsi, and other notable figures, is the result of a memorandum of understanding signed in 2021 between Edo’s state government and Persianas Property Limited.
Under the leadership of Nigerian businessman Tayo Amusan, Ketron Investment Limited—a subsidiary of Persianas Group—facilitated the project, following its acquisition of Shoprite’s Nigerian operations from South Africa’s Shoprite Holdings in June 2021.
Market challenges prompt strategic review
The opening in Benin City follows RSN’s decision to close its Wuse, Abuja outlet, signaling a shift in response to Nigeria’s challenging economic conditions.
Rising operating costs and shrinking profit margins have pressured many retailers, including RSN, to reassess their operational strategies.
According to RSN’s notification to vendors, services at the Wuse location ended in June, with the company committing to a 60-day review of financial records to address any outstanding payments.
Persianas plans $100 million arena in Lagos
Despite Nigeria’s economic headwinds, RSN’s Benin City expansion reflects an ongoing commitment to reaching new markets.
Shoprite Nigeria, valued at $125 million in assets against $140 million in liabilities as of June 2020, continues to pursue growth initiatives alongside Persianas Group.
In February, Persianas, in partnership with the Nigerian Sovereign Investment Authority, announced a $100-million project to develop “The Arena,” a 12,000-capacity event venue in Lagos.
The facility, slated for Victoria Island, will enhance Nigeria’s entertainment and sports offerings, underscoring Persianas Group’s focus on luxury residential, retail, and commercial developments.
