Nigeria’s retail sector upbeat, as new Maryland Mall berth
Indigenous investment firm, Purple Capital Partners Limited (PCPL), has sunk its roots in the Lagos retail sector at the Mainland area of the state, with a N5 billion Maryland mall.
The retail real estate, according to a recent report by Cluttons Nigeria, remains attractive to foreign investors. In fact, developers are already rushing new schemes to the market, particularly at the smaller end of the scale, with Lagos seeing an increased development pipeline of smaller centres of fewer than 5,000 square metres.
Retail trade presently accounts for about 30 per cent of the world’s GDP (Gross Domestic Product). This is about $22 trillion of retail sales each year. Government data shows that Nigeria attracted over $1.5 billion in investments into its formal retail sector over the last three years. Available statistics also show that over 80 million Nigerians now live in metropolitan areas, creating huge opportunities for formal retail to thrive.
Specifically, the new mall is located where the defunct Maryland Shopping Centre was once located, Maryland Mall sits on one of the most important arterial routes in Lagos today, with an estimated 5,000 cars passing through every hour.
The mall sits on a total land size of 7,700sqm and will have the first dedicated underground car park and play host to a mix of local and international brands anchored by Shoprite, The Place restaurant, Stanbic IBTC Bank, amongst other retail, hospitality and entertainment brands.
The exterior of the mall will be a 550 square meter LED screen, the largest in Sub-Sahara Africa. This unique feature will set it apart from any other retail complex in Africa’s most populous nation.
The official commissioning of Maryland Mall, came barely two months after Purple Capital attracted additional funding for the retail development in the form of an N800 million investment from asset management firm, AXA Mansard Investments Limited.
President, Lagos Chambers of Commerce and Industry (LCCI), Mrs. Onikepo Akande, who declared the mall open for business, said the new mall would help to expose and grow the manufacturing and commercial potential of Lagos state and by extension, the national economy.
Chairman of Purple Capital Partners Limited, Mr. Omotola Mobolurin, said he was delighted about the safe arrival of this new retail, lifestyle and entertainment infrastructure, with the capacity to provide merchants and shoppers with amenities and services that befit the state’s mega-city status.