FoodCo expands outlet as it opens shop in Abeokuta
A multichannel retail firm, FoodCo Nigeria Limited has announced its plan to set another retail shop and business expansion in Abeokuta, the capital of Ogun State
This brings the stores to 14 the total number of FoodCo brand outlets in the Southwest region, just as it helps consolidates on the brand’s growing profile as operators of the largest supermarket chain brand in south-west Nigeria, outside Lagos.
As expected, an excited Chief Executive Officer (CEO), Ade Sun-Basorun, FoodCo Nigeria Limited, who spoke on the occasion, stated that the entry into Abeokuta was in fulfillment of the company’s commitment to make modern retail more accessible to underserved communities as well as position it as a lifestyle complements for the contemporary shopper.
He said, “We are excited to announce the opening of FoodCo’s 14th brand outlet in the beautiful city of Abeokuta, the land of the famous Olumo Rock.
“The choice of Abeokuta was really easy for us given the rich history of the city as a place of gallantry, culture and great craftsmanship. The warmth and kindness we have also received during interactions with the local population make us feel welcome and we are especially humbled at the trust they have vested in us to add value to their lives by providing a top-quality retail experience that matches the needs of the increasingly cosmopolitan city.”
While explaining further, Ade-Basorun said, “From an industry standpoint, we are very optimistic about the opportunities in the Nigerian retail sector. Modern retail penetration in the country is currently estimated to be about 5 percent which is significantly sub-scale when you benchmark against peers in other African countries.
“For instance, top retailers in Nigeria have about 14 stores in their portfolio on the average. In Kenya that has only about a fraction of our population, the market leader has well over 60 hypermarkets.
“Major retailers in South Africa have a store count of between one to two thousand. Whichever way you consider it, there is a humongous opportunity for retail in Nigeria and as you can see on the shop floor today, consumers want this.”
