Shoprite Mall has officially announced the closure of one of its branches situated at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024.
The decision was conveyed through a circular signed by the Chief Executive Officer, Dr. Folakemi Fadahunsi, on Monday, June 24.
This closure is a result of a comprehensive evaluation of the store’s financial standing and the current economic circumstances. The circular emphasized that this choice was made with the organization’s long-term growth in mind.
Service providers operating at the store were also informed that their services would no longer be needed, and all existing service agreements for the Novare Wuse Central Mall Store would be terminated.
Additionally, the circular mentioned that Shoprite Mall will conduct a review of its financial records over the next 60 days to confirm any outstanding payments owed to vendors specifically associated with the Novare Wuse Central Mall Store. Subsequent discussions regarding suitable payment arrangements will be promptly initiated.
Shoprite expressed appreciation for the previous business and collaboration with vendors and assured them of support during the transition phase. The circular encouraged vendors to contact them with any inquiries or concerns.
The closure of the Shoprite branch in Abuja highlights the tough business environment that retailers are currently facing and demonstrates the company’s strategic decision-making process to ensure sustainable growth.
