Consumer Goods firm, Foodco Nigeria Limited, has officially registered its presence in the Lagos retail space to improve its market share in the sector.
The 37 year-old company, which maintains a strong presence in Ibadan, the capital of Oyo State, explained that its expansion to Lagos would transform retail landscape through its exclusive offerings and services.
The retail market presently accounts for 16 per cent of Nigeria’s Gross Domestic Product (GDP), which also holds a $40 billion growth opportunity by 2020.
Lagos, the commercial nerve of Nigeria is believed to be a major driver of retail expansion, boasting over 134 per cent of per capita consumption, reports have said.
According to Chief Executive Officer Designate of Foodco, Ade Sun-Basorun , the decision to launch in Lagos, followed the yearnings of customers and the need to tap into the retail prospects of Lagos, amidst other considerations.
He said: “Our mission statement has always been to be the foremost retailer of consumers products in South West region of Nigeria. We have deployed so many efforts to win customers trust in Oyo State, which has encouraged our loyalists to request for more of us in other parts of the region, hence our decision to explore Lagos, right here in Lekki, where we also intend to win the space in this vicinity.
“We are really excited about the dream come true, we intend to replicate the Ibadan experience in Lagos. Our commitments to Lagosians is right in our slogan which is: ‘Ibadan Price, Lagos life’. By this, we mean that we recognise Lagos as a place of luxury where its people value a high quality premium experience and we are saying we are offering this satisfaction, yet at an incredibly affordable price which has defined us in Ibadan, our home state.
He further added: “As long as we are aware of the intense competition in Lagos, we are building on our unique selling proposition of quality and affordability to provide 15 million Lagosians access to formal retail. Our customers can attest to this in our quick service restaurant, production business and most recently, the entertainment unit”.
In his remark, Senior Manager, Inventory Operations, FoodCo, Ayodele Adio, expressed confidence in the retail sector to improve the national economy, considering the trends in consumers purchasing power and lifestyle.
“We have seen a rapid rise in the QSR industry and this in my own opinion is reflective of the changing society where people are getting busier, the city getting busier and now, the traffic situation. Regardless, people still care about their health in what they consume, hence, they have to make adjustments which one of them is finding an efficient way to eat. These needs are there and players like us are in to address these needs.”