Pick n Pay to set up shop in Nigeria

Pick n Pay is following in Shoprite’s footsteps by venturing into Nigeria’s tough but lucrative market.

The retailer announced plans to expand into West Africa as it posted a 26 percent increase in full year profits.

In the past year, Pick n Pay has opened 175 new stores, and it’s taking its expansion to one of the continent’s largest spending markets.

Pick n Pay will hold 51 percent in a partnership with Nigeria’s AG Leventis & Co.

The conglomerate houses a food business.

The company says a key part of the group’s strategy is to establish a second engine of growth in African markets.

High inflation, debt and a slow growing economy have placed local consumers under pressure.

– eNCA

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