“Within the international community, Africa is the last frontier for economic growth, with Nigeria, Africa’s largest economy with rebased Gross Domestic Product (GDP) of $510bn, at the epicentre of this global attraction.
With a huge population size in excess of 160 million people and vast market opportunity therein, foreign investors can hardly ignore the investment potentials Nigeria holds which offers tremendous opportunity for bountiful return on investment (RoI).
Consumers’ brand loyalty as well as value for good products and services perhaps, explains the reason why several foreign retailers set up businesses in Africa’s largest economy to market share in lieu of the investment potentials within the African continent. Little wonder foreign clothing retailers that ventured into Nigeria’s retail business are reaping the business choice of Nigeria.
An interesting development is that there is more brand recognition for foreign retailers in Nigeria that requires a marketing strategy that goes beyond advertising, store opening and extends to launching a new brand, which has continue to make them seek opportunities in the market.
David Botha, a South African clothing retailer, said feasibility studies show that Nigerian consumers are hungry for quality and innovation, a reason which made latest international fashion to sell at affordable prices and in trendy styles situated across the country.
Botha who owns four stores in the country and is set to open new ones soon said “I started out with one store in Ikeja City Mall in Lagos, opened another one in Surulere, within Lagos. In my second year of doing business in Nigeria, I opened another store in Heritage Mall in Ibadan, as well as in the Grand Towers Mall in Abuja…”
BusinessDay has the full story.
Founded in 2007, Ladybrille® Magazine is a California based pioneer digital publication demystifying the image of Africans in the west through contemporary African fashion and celebrating the brilliant woman in business and leadership, with an emphasis on the African woman in the diaspora. Our coverage includes stories on capital, access to markets, expertise, hiring and retention, sales, marketing, and promotions.