Naira depreciation creates opportunities for businesses to adapt — Adeleye
Naira fluctuations, which have weakened the purchasing power of consumers, have prompted businesses to adapt to local content, according to Bunmi Adeleye, Chief Strategy Officer of Retail Supermarkets Nigeria Limited, owners of Shoprite Nigeria.
Retail Supermarkets Nigeria was recently acquired by Persianas Investment Limited and other key institutional investors, making it a fully Nigerian-owned business that contributes to the country’s economy and provides employment opportunities for its citizens.
In an interview in Lagos, Bunmi explained that “despite the challenges posed by the naira depreciation, Retail Supermarkets Nigeria has maintained its high-quality products and services for its customers and plans to open more stores that showcase a wide variety of Nigerian-made products and international brands.”
Adeleye explained that like any retail business operating in a continually evolving economic landscape, Retail Supermarkets Nigeria face various challenges, including naira depreciation.
“While the increased costs of importing goods and supply chain disruptions pose challenges, the depreciation of the naira has also created opportunities for growth and localisation. Despite efforts to remain competitive, we have adjusted prices to reflect the increased costs, potentially affecting customer purchasing power,” she explained.
Adeleye explained that the company has faced various challenges such as increased costs of importing goods, supply chain disruptions, and product availability due to naira depreciation. However, the company has implemented robust procurement strategies, strengthened local supplier relationships, and focused on sourcing products locally to mitigate challenges and support the economy.
“To overcome the challenges posed by naira depreciation, we have implemented robust procurement strategies, strengthened local supplier relationships, and focused on sourcing products locally to mitigate challenges and support the economy. It also catered for diverse purchasing powers and promoted affordability through promotions and discounts,” she added.
She disclosed that the company is actively exploring opportunities to expand its business operations to better serve communities and provide convenient access to quality products while fostering economic growth and development. To stay ahead of the competition, the company has adopted various strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation.
“We are considering innovative solutions tailored to the specific needs of customers. We aim to provide convenient access to quality products while fostering economic growth and development,” she said.
On competition in the industry, Bunmi emphasised its importance for growth and market development. The company has adopted strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation. Shoprite keeps up with the latest trends to offer relevant and useful products. It trained the staff to provide better customer service and utilised technology to gain insights into customer preferences and optimise operations.
The company is actively exploring opportunities to expand its business operations to better serve communities and provide convenient access to quality products while fostering economic growth and development. To stay ahead of the competition, the company has adopted various strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation.
Adeleye believes that competition in the retail industry is essential because it helps the industry grow and improve. To stay ahead of the competition, the company has adopted strategies such as a strengthened value proposition, enhanced customer experience, efficient supply chain management, technology integration, local sourcing, and continuous innovation. The company has partnered with local suppliers and distributors, providing quality products, fresh fruits and vegetables, ensuring everyday low prices, and easily accessible stores while monitoring industry trends and consumer needs to ensure that offerings remain relevant.
Overall, she noted that the retail industry in Nigeria is thriving and presents good investment opportunities for those interested.
“Retail Supermarkets’ success in adapting to the local market is a testament to the opportunities available for businesses in Nigeria,” she added.
