The last 3 years have been challenging for Nigeria’s retail market
The last 3 years have been challenging for Nigeria’s retail market as the nation grappled with market volatility, rising inflation, and insecurity. While some retail players have slowly recovered from the dark days of xenophobia, city protests, and lockdown restrictions, a few are yet to regain their footing.
The exit of international retailers like Shoprite and Mr. Price initially sparked reactions to the retail market’s future. However, the growth of local retail players in the last year has resurrected hope again. Early 2022 saw the introduction of a new anchor tenant – Market Square, replacing Shoprite in Purple Maryland. Sundry Foods, who are owners of Market Square and Kilimanjaro, have launched five new outlets across Lagos, Abuja, and Port Harcourt. Local retail giants – Prince Ebeano and Blenco opened two new outlets each in 2021.