Shoprite (Isle of Man)

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Shoprite (Isle of Man) Limited
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
£357,180 (as of 2011)[1]
£39.1 million (as of 2011)[2]
Owner Nicholson Investments Ltd.[3]
Number of 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]

Shoprite store in Port Erin.

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.[21]

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

References[edit]

  1. ^ "IM/P: Stock Quote - Isle of Man Enterprises PLC". Bloomberg. 
  2. ^ http://www.londonstockexchange.com/exchange/news/dow-jones/news-detail.html?newsId=20111012SN000503
  3. ^ "Isle of Man Enterprises plc: Private Company Information - Businessweek". Businessweek.com. 
  4. ^ "- Google Finance Search". google.com. 
  5. ^ Isleofman Dot Com. "Investors". manxshoprite.com. 
  6. ^ "Shoprite store has a seven-figure revamp". iomtoday.co.im. 
  7. ^ Administrator. "Port Erin". manxshoprite.com. 
  8. ^ Isleofman Dot Com. "Douglas". manxshoprite.com. 
  9. ^ "Subway chain experimenting with fancy café shops". The Independent. 
  10. ^ "Tesco to open up in Castletown". iomtoday.co.im. 
  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. ^ "Shoprite Isle of Man". manxshoprite.com. 
  13. ^ "Iceland plans £100m dividend after 3-year gap". Financial Times. 
  14. ^ Julie Jargon (8 March 2011). "Subway Runs Past McDonald's Chain". WSJ. 
  15. ^ "COOK - Frozen Ready Meals, Delivered Meals, Prepared Meal Delivery - COOK". cookfood.net. 
  16. ^ http://www.peacockscorporate.co.uk/corporate
  17. ^ Waitrose Limited. "Company history". waitrose.com. 
  18. ^ Lloyds Pharmacy Ltd. "Lloyds Pharmacy - Online Pharmacy, Prescriptions, Chemists and Health". lloydspharmacy.com. 
  19. ^ "FE Investegate -Shoprite Group PLC Announcements - Shoprite Group PLC: Final Results". investegate.co.uk. 
  20. ^ "German coffee firm Tchibo scales down UK business". Reuters. 
  21. ^ a b "Shoprite makes costly exit. #15m loss on Kwik Save deal". Herald Scotland. 

External links[edit]