Pick N Pay, South Africa’s number two grocery chain, has unveiled plans to expand its geographical footprint with the the opening of its first stores in Nigeria.
Announcing the move alongside its 2016 financial statements, the retailer said that a key part of its strategy was “to establish a second engine of growth in markets in the rest of Africa”, adding that it had “examined the opportunity in Nigeria in detail, given the opportunity for long-term growth in that market”.
Pick N Pay will enter Nigeria in partnership with leading conglomerate AG Leventis, which Pick n Pay describes as having nearly 90 years’ trading experience in Nigeria, “with substantial expertise in the FMCG, motor vehicle, supply chain logistics and real estate sectors, and notable FMCG capabilities through Leventis Foods”.
The new venture, of which Pick N Pay will hold 51%, will see the creation of both large and small format stores, with product ranges tailored to local customer needs, the company added.
“The Group’s African expansion, including its entrance into Nigeria, will continue in a deliberate, planned, and unhurried way, without putting the business under undue risk”, Pick N Pay concluded.
Source: Pick N Pay