Shoprite (Isle of Man)

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Shoprite (Isle of Man) Limited
Type Supermarket
Industry Retail (Grocery)
Founded 1972
Headquarters Little Switzerland, Douglas,
Isle of Man
Number of locations 12
Area served Isle of Man
Key people Andrew Thomas
(Chief Executive Officer)
Deryck Nicholson
(Executive Chairman)
Products Groceries, consumer goods
Operating income £357,180 (as of 2011)[1]
Net income £39.1 million (as of 2011)[2]
Owner(s) Nicholson Investments Ltd.[3]
Employees 600+
Website www.manxshoprite.com

Shoprite (Isle of Man) Limited (trading as Shoprite) is a supermarket chain in the Isle of Man. It is a wholly owned subsidiary of Isle of Man Enterprises plc (formerly Shoprite Group plc).[4] The holding company shares were traded on the PLUS Stock Exchange but were delisted with effect from 3 January 2012. On 1 November 2011, the company announced an offer to buy back many shares along with an invitation to subscribe for Shoprite bonds paying 2% cash interest per annum plus 3% Grocery Vouchers per annum.[5]

Shoprite currently owns 12 supermarkets in the major towns of the Isle of Man. Three are located in Douglas, two in Peel, two in Ramsey, three in Port Erin, one in Onchan and one in Castletown. One of the Port Erin supermarkets is branded as Iceland[6] and another as Shoprite Living.[7] One of the Douglas stores trades as Winerite Extra.[8]

The supermarkets in Port Erin and Peel have a Subway café. This is a concept for Subway which is being piloted in fifteen locations across the US.[9] There is also a Subway unit in Iceland, Chester Street.

Its major competitors are Tesco (one store in Douglas with a "Tesco Express" store projected to open in Castletown as early as February 2012,[10] but still not open by late 2013) and Manx Co-op (ten supermarkets, mostly convenience stores, across the Isle of Man).[11]

The company slogan is "The Difference Every Day",[12] It is the only supermarket in the Isle of Man that stocks food from Iceland (UK discount supermarket chain),[13] Subway (US owned fast food franchise, currently the largest in the world),[14] Wilkinson (UK based high street discount store - loosely re-branded as "Shoprite Living"), Cook (UK frozen ready meal supplier),[15] Peacocks (UK "value" fashion retailer),[16] Waitrose (UK supermarket chain) [17] and Lloyds Pharmacy (UK pharmacy chain).[18] Shoprite previously also had concessions from German company Tchibo[19] prior to the withdrawal of Tchibo from the Isle of Man market parallel to its withdrawal from the UK market. Tchibo's lack of success in the British market was summarized in the Retail Week 14 February 2008 issue, in which Tchibo was described as "a glorified pound shop". In 2009 Tchibo closed its own stores and supermarket concessions across the UK.[20]

In the 1990s Shoprite expanded by opening stores in Scotland. This move was however considered to have been catastrophic for the company[21] and is understood to have cost the Isle of Man company £15m. The Scottish supermarkets were sold to (and re-branded as) Kwik Save in 1995. The share price in February 1994 was 241p, but had fallen to 7p by June 1995.[22]

The chain is not related to similarly named chains in the US or South Africa.

References[edit]

  1. ^ http://www.bloomberg.com/quote/IM+P:PZ
  2. ^ http://www.londonstockexchange.com/exchange/news/dow-jones/news-detail.html?newsId=20111012SN000503
  3. ^ http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=875701
  4. ^ http://www.google.com/finance?cid=668440
  5. ^ http://www.manxshoprite.com/investors.html
  6. ^ http://www.iomtoday.co.im/news/business/shoprite_store_has_a_seven_figure_revamp_1_3425287
  7. ^ http://www.manxshoprite.com/storelocator/port-erin.html
  8. ^ http://www.manxshoprite.com/storelocator/douglas.html
  9. ^ http://www.independent.co.uk/life-style/food-and-drink/subway-chain-experimenting-with-fancy-caf-shops-2289180.html
  10. ^ http://www.iomtoday.co.im/news/isle-of-man-news/tesco_to_open_up_in_castletown_1_3930249
  11. ^ http://www.co-operative.coop/find-us/?q=isle+of+man&lat=54.23611&long=-4.548056&filters=Bank,Britannia,Food,Funerals,Homestore,Misc,Motor,Nonfood,Petrol,Pharmacy,Post,Travel&options=
  12. ^ http://www.manxshoprite.com/
  13. ^ http://www.ft.com/cms/s/0/12db964c-4058-11e0-9140-00144feabdc0.html#axzz1cvI9DClR
  14. ^ http://online.wsj.com/article/SB10001424052748703386704576186432177464052.html
  15. ^ http://www.cookfood.net
  16. ^ http://www.peacockscorporate.co.uk/corporate
  17. ^ http://www.waitrose.com/content/waitrose/en/home/about_waitrose/corporate_information/company_history.html
  18. ^ http://www.lloydspharmacy.com/
  19. ^ http://www.investegate.co.uk/article.aspx?id=200704051324295149U
  20. ^ http://www.reuters.com/article/2008/11/26/coffee-germany-tchibo-idUSLQ26922220081126
  21. ^ http://www.heraldscotland.com/sport/spl/aberdeen/shoprite-makes-costly-exit-15m-loss-on-kwik-save-deal-1.675729
  22. ^ http://www.heraldscotland.com/sport/spl/aberdeen/shoprite-makes-costly-exit-15m-loss-on-kwik-save-deal-1.675729

External links[edit]