Shoprite Will Suffer From Xenophobic Attacks, Says Analyst
The multinational has seen its shops attacked in Nigeria and also fell on the Johannesburg Stock Exchange, along with telecoms firm, MTN
An analyst at Mergence Investment Managers in Cape Town, South Africa, Nolwandle Mthombeni, has said that consumer retail chain, Shoprite, will be hard hit by recent reprisal attacks on South African businesses across several countries on the continent.
The multinational has seen its shops attacked in Nigeria and also fell on the Johannesburg Stock Exchange, along with telecoms firm, MTN.
He told Bloomberg South Africa that, “From footage I’ve seen, it most definitely will hit Shoprite hard because it goes beyond lost sales, but also cost of repairs and restoring the damage.”
Leaders of Congo DR, Rwanda, Zambia, Nigeria and a few others boycotted the World Economic Forum summit holding in South Africa.
The Nigerian Government has also asked the South African Government to pay compensation for damages done to Nigerian businesses in the country.
Over 50 shops owned by nationals of other African countries including Nigerians were broken into and looted by South Africans in a spate of attacks that started on Sunday.
Several Nigerians had been murdered before those attacks started