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South Africa’s Shoprite to quit Kenya

South Africa’s Shoprite to quit Kenya

SOUTH Africa’s Shoprite Holdings plans to sell or close its remaining two stores in Kenya by the end of December, leaving the East African country two years after entering it. The supermarket group has been reviewing its long-term options in Africa as currency devaluations, supply problems and weak consumer spending in Angola, Nigeria and Zambia have weighed on earnings. “Kenya has continued to underperform relative to our return requirements,” the company said on Tuesday as it posted a 16.6% rise in annual group earnings, adding its decision to leave had been cemented by the economic impact of the COVID-19 pandemic.…
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