Firm express optimism in Nigeria’s retail sector

With retail penetration in the country currently estimated at five per cent, lower than its peers in other African countries, FoodCo Nigeria Limited has expressed optimism about opportunities in the Nigerian retail sector.

This is coming even as the multi-channel retailer firm extended its footprints in southwest Nigeria with the launch of its first brand shop in Abeokuta, Ogun State.

Speaking at the launch, Chief Executive Officer, FoodCo Nigeria Limited, Ade Sun-Basorun, cited an instance, saying top retailers in Nigeria have about 14 stores in their portfolio on the average. In Kenya that has only about a fraction of the Nigerian population, the market leader has well over 60 hypermarkets.

He added that major retailers in South Africa have a store count of between one to 2000.

“Whichever way you consider it, there is a humongous opportunity for retail in Nigeria and as you can see on the shop floor today, consumers want this.

“Nigerian consumers are good, hard-working people that want a good quality of life like people all over the world. One of those things that contribute to having a good quality of life is having a quality experience when you go out to purchase consumer goods and services.

“So, we feel a responsibility to do our part as an industry stakeholder to continue to serve consumers and give them the sort of experience that would allow that quality of consumer service that they are desirous of. In so doing, our hope is that more and more consumers can come to enjoy and experience the benefits of modern retail,” he said.

Besides, the new store brings to 14, the total number of FoodCo brand outlets in the region. It also consolidates on the brand’s growing profile as operators of the largest supermarket chain brand in southwest Nigeria, outside Lagos.

Sun-Basorun, said the entry into Abeokuta was in fulfillment of the company’s commitment to make modern retail more accessible to underserved communities as well as position it as a lifestyle complements for the contemporary shopper.

He said: “We are excited to announce the opening of FoodCo’s 14th brand outlet in the beautiful city of Abeokuta, the land of the famous Olumo rock.

“The choice of Abeokuta was really easy for us given the rich history of the city as a place of gallantry, culture and great craftsmanship. The warmth and kindness we have also received during interactions with the local population make us feel welcome and we are especially humbled at the trust they have vested in us to add value to their lives by providing a top-quality retail experience that matches the needs of the increasingly cosmopolitan city.”