With retail penetration in the country currently estimated at 5%, lower than its peers in other African countries, FoodCo Nigeria Limited has expressed optimism about the opportunities in the Nigerian retail sector.
This comes even as the multi-channel distribution company has expanded its footprints in southwestern Nigeria with the launch of its first branded store in Abeokuta, Ogun State.
Speaking at the launch, Managing Director of FoodCo Nigeria Limited, Ade Sun-Basorun, cited an example, saying that major Nigerian retailers have an average of around 14 stores in their portfolio. In Kenya, which has only a fraction of the Nigerian population, the market leader has more than 60 hypermarkets.
He added that major retailers in South Africa have a number of stores between one and 2,000.
“Anyway you look at it, there is a huge opportunity for retail in Nigeria and, as you can see in stores today, consumers want it.
“Nigerian consumers are good, hard-working people who want a good quality of life like people all over the world. One of those things that contributes to having a good quality of life is having a quality experience when you go out to buy consumer goods and services.
“We therefore feel responsible for doing our part as an industry player to continue to serve consumers and provide them with the type of experience that would enable the quality of consumer service they crave. By doing so, we hope that more and more consumers can enjoy and experience the benefits of modern retail,” he said.
The new store also brings the total number of FoodCo brand outlets in the region to 14. It also cements the brand’s growing profile as operators of the largest supermarket chain in South West Nigeria outside of Lagos.
Sun-Basorun, said the entry into Abeokuta meets the company’s commitment to make modern retail more accessible to underserved communities and position it as a lifestyle complement for the contemporary shopper. .
He said, “We are delighted to announce the opening of the 14th FoodCo brand outlet in the beautiful city of Abeokuta, the land of the famous Olumo Rock.
“Choosing Abeokuta was really easy for us given the town’s rich history as a place of gallantry, culture and great craftsmanship. The warmth and friendliness we have also received when interacting with local people makes us feel welcome and we are especially honored by the trust they have placed in us to add value to their lives by providing a sales experience premium retail that matches the needs of the increasingly cosmopolitan city.
