“JUST weeks after announcing the opening of stores in Uganda and Tanzania, Woolworths yesterday said it would add three more stores to its growing African portfolio, this time in Nigeria.
Woolworths’ latest joint venture with listed Nigerian company Chellarams will see three stores open in December and seven more over the next two years, the company said.
Two stores will open in Lagos, one at The Palms and the other at Ikeja. The third will open in Polo Park in Enugu State in Nigeria.
“We are confident about our investment in Nigeria and we are very pleased with the growth prospects of the Nigerian market. The country has a large population with significant and growing middle-and-upper income groups. We have found the right partner in Chellarams to grow the Woolworths brand in Nigeria,” said Woolworths divisional executive John Fraser.
“Joint ventures with local partners, such as Chellarams, is the new business model for our expansion plans in other African countries. We have moved away from the franchise model we had in some African countries. It’s not only a better profit model for Woolworths, but it’s also better for customers,” he said. . .”
Full story on Business Day South Africa.
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