From cajnews Africa

The continent’s retail industry is earmarked for a boom, such as one experienced by current economic powerhouse China in the late 1980s, on the back of a rapidly increasing population and significant investments in the sector.

The comparison with the Asian country has earned Africa the tag of the ‘next big story” in the foreseeable future, similar to China’s meteoric rise to current trends of yesteryear retailers are expanding four to five times faster than retailers in the United States and Europe.

Statistics and investments suggest Sub-Saharan Africa is on course to attain those lofty standards.

Kearney’s 2015 Global Retail Development Index has listed Sub-Saharan Africa as the ‘big story’ for 2040.

It lists three Sub-Saharan countries-Botswana, Gabon and Angola- in the top 30 developing countries for retail investment globally.

Another think-tank, the Economist Intelligence, noted over the last decade, that annual inward direct investment in Sub-Saharan Africa has more than tripled from around US$ 3billion to over $18 billion as investors continue exploring alternative opportunities to the western markets hit by the economic crisis.

At an annual rate of 2,5 percent Sub-Saharan Africa has a faster growing population than any other region in the world; more than double most other regions and well above a global average of 1 percent.

The populations of key regional markets such as Nigeria, Kenya and Angola are projected to more than double by 2050 while long-term United Nations population forecasts project Africa to be home to almost one-third of the world’s population by the end of the century.

Some 12 cities, including those in Angola, Nigeria and South Africa are expected to surpass the 10-million population mark, making them megacities (10 million people or more).

Read more at cajnews Africa