Icon Properties says Shoprite exit reflects natural evolution

Icon Properties plc says the exit of Shoprite, one of its main tenants at Chichiri Shopping Centre in Blantyre, reflects the natural evolution in the retail landscape and allows the firm to celebrate a 24-year partnership. In August last year, South Africa-based Shoprite Holdings Limited divested its operations in Malawi and Ghana, extending a multi-year retreat from African markets outside South Africa as the retailer focused on more stable and profitable operations at home. Shoprite is set to close its operations on Tuesday at the Chichiri Shopping Centre, marking the conclusion of a 24-year retail partnership with Malawi Stock Exchange-listed Icon Properties plc, a subsidiary of Nico Holding plc.

In a statement yesterday, Icon Properties plc chief executive officer Washington Chimuzu said Shoprite has been more than a tenant, but a pillar in the growth story of Chichiri Shopping Centre and the shopping experience in Malawi. “Their commitment to serving Malawians helped shape Chichiri into the vibrant centre it is today. We look forward to building on this legacy as we step into Chichiri’s next chapter,” he said.

Chimuzu assured the public that Chichiri Shopping Centre remains fully open and operational with all other tenants continuing to trade, adding that plans are underway to welcome a new anchor tenant into the space previously occupied by Shoprite. “Icon is committed to continuity, local participation and a strong anchor-led tenant mix at the centre as it transitions to its next phase of growth. Details of the new tenant will be shared in due course,” he said.

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In a trading update for the 52 weeks ending June 29 2025, Shoprite Holdings Limited announced that it signed a sale of assets agreement on June 6 2025 in a deal that included the transfer of the assets used in its operations to Karson Investment Trust. Competition and Fair Trading Commission (CFTC) approved the transfer on September 12 2025 and its chief executive officer Lloyds Nkhoma acknowledged “potential public interest concerns”, including employment and negative effects on consumers. CFTC’s approval of the Shoprite deal came with conditions, including that the new investor must retain all employees who choose to stay, honour terminal benefits for those leaving and submit compliance reports every 90 days for two years.

In a brief interview yesterday, Malawi Congress of Trade Unions president Charles Kumchenga said they will ensure that the new investor adheres to the conditions set by CFTC. Shoprite Holdings began unwinding its operations outside South Africa in 2020, citing currency depreciations, high import tariffs and unsustainable operating costs. Since then, Shoprite has exited Nigeria, Kenya, Uganda, Madagascar and the Democratic Republic of Congo. Shoprite entered the Malawi market in 2000 to expand its regional footprint.

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