S.African Retailers Still Eyeing Nigerian Market Despite Woolworths Pullout
From Vanguard via AllAfrica
While Woolworths has canned its three-store pilot project in Nigeria, citing a mismatch with the Nigerian consumer and climate, Broll Nigeria says this need not deter South African retailers from profiting in the country.
In fact, Broll expects more South African retailers, especially value retailers, to seek opportunities in the Nigerian market in the coming months and years.
“Yes, doing business in Nigeria is a challenge. But if you can offer middle class Nigerians the right price, product, service, quality and choice, the sky is the limit,” says Norman Sander of Broll Nigeria, who manages Ikeja City Mall in Nigeria.
South African retailer Shoprite is notching up exceptionally strong trading at Ikeja City Mall, according to Sander.
Sander says South African retailers should be prepared to change their models for the Nigerian consumer. If they do so, they stand to gain a firm foothold in a marketplace in a country where consumers are brand loyal and value good service, which is in short supply.
He adds the Nigerian market is vastly different from that of South Africa and its neighbouring countries. “Research is essential to understanding this unique set of consumer needs and norms, before venturing into this exceptional territory.”
Written by Princewill Ekwujuru | Read more at AllAfrica