Shoprite has sold off its stores to Carrefour franchisee after 21 years in business in Uganda.
Carrefour franchisee is a company from United Arab Emirates and has reached a deal to take over six stores in Uganda. The deal shows by the end of this year, Shoprite will hand over its stores to Carrefour franchisee. In addition, Majid Al Futtaim, a United Arab Emirates-based mall developer that holds Carrefour franchise rights in dozens of countries.
Shoprite is a South African based retailer and has had businesses all over many countries in Africa.
The six stores include Victoria mall, Acacia mall, Arena mall, Clock tower, Lugogo mall and Village mall. Following this, it’s a conclusive that Shoprite has exited Ugandan market. Although,
“We welcome the opportunity to bring our unique Carrefour offering of unbeatable value, range, international standards to more customers across Uganda.” Hani Weiss, the chief executive of Majid Al Futtaim Retail, said in a statement.
“This agreement represents our continued investment in East Africa. We look forward to strengthening our offering in the region and supporting local talent through employment and career development opportunities.”
The agreement shows that Shoprite Checkers Uganda Limited’s stores and movable assets will be take over by Carrefour. This will make Carrefour franchisee the largest retailer in the country.
In addition, Carrefour already owns stores in Uganda at metroplex malls in Kampala. So the transaction will expand the regional presence of Carrefour since it operates 16 hypermarkets in Kenya and two stores in the Oasis.
In conclusion, Majid Al Futtaim was founded in 1992 in United Arab Emirates. It is the leading retailers across the Middle East, Africa and Asia. Additionally, it operates 53 Carrefour stores in Egypt and over 300 stores in at least 15 other countries across the Middle East and Asia.