South African retailer ends Nigerian ambitions
JOHANNESBURG, Nov 6 (Reuters) - Upmarket South African retailer Woolworths pulled the plug on its Nigerian business on Wednesday, citing high rents and duties as well as the difficulties of marketing to consumers in Africa's most populous country.
Although the Cape Town-based firm focused on the costs of doing business in Africa's biggest oil producer, analysts said the more basic issue was marketing to wealthy Nigerians who are mobile and brand conscious - and Woolworths is not a big brand.
Source: Reuters
Read more:
http://www.reuters.com/article/2013/11/06/woolworths-nigeria-idUSL5N0IR3K120131106
- High rents, duties weighed on business
- Rich Nigerians prefer shopping in London (Adds background, details)
JOHANNESBURG, Nov 6 (Reuters) - Upmarket South African retailer Woolworths pulled the plug on its Nigerian business on Wednesday, citing high rents and duties as well as the difficulties of marketing to consumers in Africa's most populous country.
Although the Cape Town-based firm focused on the costs of doing business in Africa's biggest oil producer, analysts said the more basic issue was marketing to wealthy Nigerians who are mobile and brand conscious - and Woolworths is not a big brand.
Source: Reuters
Read more:
http://www.reuters.com/article/2013/11/06/woolworths-nigeria-idUSL5N0IR3K120131106
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