Woolly reasons for Woolies' Oz foray
When Woolworths pulled out of Nigeria for reasons primarily centred on logistics problems after a few short years of testing the market, there was broad support for South Africa's retail darling
And perhaps it was a case of the targeted upper- to middle-class Nigerians feeling a closer affinity to London's Marks and Spencers than the Cape Town-based retailer. Still, given the populace of more than 150million in Africa's largest economy, I for one felt that perhaps a thicker skin was required. But I am sure many who had forayed into that market could give reasons why getting out was the best bet. At the time of the exit in 2013, Woolworths was operating three stores in Nigeria. Opinion differs as to exactly why it pulled the plug just a couple of years after entering the market. Everything from wrong pricing - too expensive - to high import tariffs are being blamed. Be that as it may, after a very short stint, the company's CEO, Ian Moir, called an end to the adventure. And since then quite a few South African mainstays have had to shut operations in an economy that has come under immense pressure from falling oil prices. But investors weren't going to be placated by a mere ...
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