Tag: Michael Ejekam

Michael Chu'di Ejekam, Michael Chudi Ejekam, Michael Ejekam, Michael Chudi Ejekam Commercial Real Estate, Chudi Ejekam, Chu'di Ejekam

From the Michael Chu’di Ejekam Blog: New Lagos Mall Opened

Michael Chu’di Ejekam has been involved in the creation of several malls, including the Ikeja City Mall and the Jabi Lake Mall, as well as the Abuja and Accra Malls. These kinds of projects are always exciting, as they show that investors have faith in the economy and they bring jobs and growth to the area. Although Michael Chu’di Ejekam was not involved in the newest mall to open in Lagos, Nigeria, it’s still good news for local residents.

The Maryland Mall is Open

Onikepo Akande, President of Lagos Chamber of Commerce and Industry (LCCI) spoke at the inauguration celebration. “It is my sincere belief that this new mall will help to expose and grow the manufacturing and commercial potential of Lagos state and by extension, the national economy,” she said. Anchored by a Shoprite store, with many other venues for entertainment, shopping, and services, the location is expected to do quite well. Many businesses are eager to take up slots in the 7,700 square meter property, including companies like Stanbis IBTC Bank and The Place restaurant. Akande gives credit to the team behind the new development, explaining, “Indeed, retail is one of the cornerstones of trading and investment, and Purple Capital, the developers of Maryland Mall, have done extremely well to give Maryland a new lease of life through this retail investment.”

It’s a Unique Structure in a High-Volume Area

The Lagos State Ministry of Transport carried out studies of the area, highlighting traffic patterns and the best way to position things. It’s estimated that 5,000 cars will pass by every single hour, which will bring people naturally to the mall throughout the normal course of their days. Unlike most structures being built today, the Maryland Mall is built lengthwise, rather than reaching into the air. It also boasts a few unique features, such as an underground parking lot, which is the first one in the country. Developers have also included a massive 550 square metre LED screen on the front of the building, which is the largest in all of Sub-Saharan Africa. It’s estimated that the structure cost some $25 million to construct, and took roughly three years to bring to fruition, from the early investing stage through opening day. So far, it has been well-received by local residents, who have largely been treating visits as a family outing and appreciating the nice cool air conditioning.

Bookmark the Michael Chu’di Ejekam Blog

If you haven’t done so yet, please take a moment to bookmark the Michael Chu’di Ejekam Blog. We’ll be adding all kinds of articles pertaining to retail, investment, and commercial enterprise throughout Nigeria and all of Africa. From time to time, we’ll also add in insights directly from Michael Chu’di Ejekam, so expert advice and opinions on the market will always be at your fingertips.

From the Michael Chudi Ejekam Blog: 7 Nigerian Retail Industry Facts

Michael Chudi Ejekam is an expert in Nigerian retail, investing, and commercial real estate. Presently, the growth of the retail revolution has slowed some, but it is still a very strong sector that is absolutely primed to take the country to the next level in the coming years. The Michael Chudi Ejekam Blog has gathered seven interesting facts about the market that sets Nigeria apart from the rest of the world. Take a look; you’re bound to see some new information.

Facts About How Nigerians Shop

Nigeria is poised for growth where supermarkets are concerned. In Kenya, around 30% of the population has shifted to formal retail supermarkets and around 60% of South Africans have as well. In Nigeria, just 2% of the population makes use of supermarkets, which likely has more to do with limited options and accessibility than anything else.
Nigerians with Internet access like the convenience of shopping online. In a study performed by PayPal, 90% of people used the net to shop in Nigeria, compared to 60% in Kenya and 70% in South Africa. Experts say that brick-and-mortar retailers can boost sales by commingling their options and by offering point-of-sales devices and customer-driven kiosks on-location.

Facts About Nigerian Consumers

Consumers feel optimistic about their futures- more so than those in other countries. Almost three-quarters of people surveyed say their finances will be much better off in as little as two years. When consumers in other markets were asked the same question, just 66% of South Africans agreed. Only 52% of Kenyans could say the same.
Consumers are both brand and budget-conscious. One of the biggest factors for consumers in the region when considering what to purchase is still the cost. A whopping 37% prioritize this over everything else. The second major factor is quality, with 31% saying they will go for a brand that they believe to be high-quality, often choosing the same option again and again because it’s trustworthy.

Facts About the Market

Nigeria is ranked one of the top countries in Africa for consumer demand potential. The country trailed close behind South Africa and Mauritius, topping Morocco by one slot and Kenya by 12.
The market lacks brand diversity. One of the biggest needs uncovered by research is that very few brands are available and the majority of Nigerians are willing to try new products if they’re high-quality and have a good reputation.
Retail and wholesale make up a large portion of the GDP. The market presently accounts for 16.4% of the GDP and with urbanization and the population growing, is expected to continue to be a solid investment opportunity.

Bookmark the Michael Chudi Ejekam Blog

For more interesting articles, facts, and statistics bookmark the Michael Chudi Ejekam Blog. We’ll be updating the site regularly with fresh information and insights from Michael Chudi Ejekam, too.

From the Michael Ejekam Blog: 10 Fastest-Growing African Retailers

Being involved in commercial real estate and retail investments, Michael Ejekam is constantly watching the market to see which companies are performing well. While knowing which ones are profitable and are at the top help in knowing where to invest, watching companies as they climb the ladder is essential. This can give you keen insights into which strategies work, as well as what products consumers are demanding. The Michael Ejekam Blog has gathered information on ten of the fastest-growing companies in Africa’s retail sector, with statistics from Deloitte.

1. Choppies Enterprises Ltd

Headquartered in Botswana, Choppies is the fastest-growing retail company in Africa and also ranks 12 in terms of sales. Their sales jumped up 24.4% during the reporting period.

2. Zambeef Products Plc

Aptly named, Zambeef hails from Zambia and fell just behind Choppies in terms of growth during the same reporting period. An increase of 23% in sales brought the company to 20 on the total revenue list.

3. Mr. Price Group Ltd

The South African clothing and accessories retailer, Mr. Price, gained 15% in sales over the course of the year. This landed them in seventh place in terms of sales.

4. The Foschini Group Ltd

Another South African purveyor of apparel, The Foschini Group, took fourth on the fastest-growing list, with revenue climbing 13.3%, but topped Mr. Price in terms of revenue by one slot.

5. Woolworths

Internationally-known Woolworths took fifth place in both growth and total sales. The clothing company is headquartered in South Africa and grew by 12.7% during the reporting period.

6. Société Magasin Général SA

The only Tunisian company to make the list was Société Magasin Général SA, a general merchandise venue, showing steady gains of 11.3% and earning the 16th slot in terms of sales.

7. The SPAR Group Ltd

Though the SPAR Group of South Africa holds the fourth spot in terms of total sales, it only came in seventh place for growth. However, a comfortable 10.7% increase for such a large company is commendable.

8. Shoprite Holdings Ltd.

Another large South African company, Shoprite, came in eighth place for growth, showing a 10.5% increase. However, it beat out all other companies for sales.

9. Massmart Holdings Ltd

Massmart, headquartered in South Africa, fell just behind Shoprite on both lists; coming in number nine for growth at 9.8% and taking the second spot for sales.

10. Furnmart Ltd

The only home furnishings retailer to make the top ten is Frunmart, with 8.9% growth. The South African company comes in 23rd for overall sales.

Bookmark Michael Ejekam Blog

Looking for more information? We’re building a searchable database, packed will all kinds of information related to retail in Africa, as well as insights on the market, economy, and related industries. Feel free to browse our other blogs and bookmark Michael Ejekam Blog so that you’ll be able to see new articles easily.

Michael Chu'di Ejekam, Michael Chudi Ejekam, Michael Ejekam, Michael Chudi Ejekam Commercial Real Estate

From the Michael Chudi Ejekam Blog: Top African Nations for Retail Development

Michael Chudi Ejekam is known for his work in the retail development sector throughout all of Africa. He has had a hand in numerous projects, often with a focus on Sub-Saharan Africa and his motherland of Nigeria. AT Kearney recently published its African Retail Development Index and rated countries based on various aspects, such as market attractiveness, country risk, market saturation, and time pressure, to determine which ones were the most desirable for retail development. Which ones came out on top? You’ll find the answers below, in this Michael Chudi Ejekam blog.

1. Gabon

The prior report listed Gabon as number five, but the recent increase in growth helped it earn the top spot this time around. According to the report, Gabon has the most stable middle-class, and one of the highest per-capita income levels of any Sub-Saharan nation, which sits at around $21,000. Moreover, newcomers to the market don’t face serious struggles due to heavy competition because it’s just now beginning to blossom.

2. Botswana

For similar reasons, Botswana climbed from number eight to number two on the list this year. The country has a very diverse economy, drawing revenue from mining, agriculture, and tourism. It’s a natural place for retailers to head to, and many of the big players in retail have become well-established already. Choppies, for example, has more than 70 locations there. This makes it more difficult for a newcomer to get established, though companies with a unique proposition or product still do well and the market continues to grow.

3. Angola

GDP growth makes Angola a very attractive place to do business. In these terms, it’s one of the fastest growing areas, with a 7% annual increase. However, it is still small (approximately 1/8 the size of Nigeria) and the middle-class population is nearly non-existent. Businesses that do well in Angola recognize this, and tend to cater to only the affluent Angolans or the very budget-conscious consumers.

4. Nigeria

Despite economic struggles, Nigeria remains a powerhouse for retail development. The population is massive, plus the middle-class is large and growing. Many citizens still favor local shops and small outlets, but the increase in urbanization is changing this as well. Numerous malls have been constructed and big companies like Shoprite have put down roots. Companies that do very well right now are catering to the loyalty of Nigerians, and are using locally-sourced goods whenever possible.

These four countries beat out all others, including South Africa, in terms of desirability for retail development. As time passes, we’re sure to see great things emerge from these markets and positive results from those who enter them with a sound business plan.

Bookmark the Michael Chudi Ejekam Blog

For the latest business information regarding Nigeria and all of Africa, be sure to bookmark the Michael Chudi Ejekam Blog today. We’ll be adding more articles on a regular basis, so follow along and catch the latest news and info here.

From the Michael Ejekam Blog: Succeeding in Nigerian Retail

Three Tips to Make Your Nigerian Retail Venture a Win

Michael Ejekam has experience choosing the best retail ventures throughout Africa and America. His experiences have served him, the companies he has represented, and individual investors well. This has also helped Michael Ejekam become known as a thought leader in the Nigerian retail revolution, but some of the expertise comes from watching what’s happening in other parts of the world, and knowing which business strategies help businesses succeed in unique economic environments. The retail industry in Nigeria is still strong and a good opportunity for entrepreneurs, but it’s important to include the following three things into your business plan as you start your retail company.

1. Be Prepared to Stay

“Make very sure Africa is where you want to be,” advises Christo Wiese, Chairman of Shoprite Holdings. He’s South Africa’s richest man, and weathering the conditions is easier for him, but he makes a fine point. All too often, new businesses are not prepared to accept losses with their gains. There will be times when business is slow, and smart entrepreneurs allow for this in their long-term strategies. When they come unprepared to stay, they exit the market quickly.

2. Take Advantage of E-commerce Opportunities

The people of Nigeria love online shopping, more so than the people of other nations. Only 60% of Kenyans use the internet for shopping, and in South Africa, the number climbs to 70%, but here in Nigeria, a massive 90% of the population shops online. Throughout the world, we are seeing a unique mixture, where businesses are providing a seamless experience from online stores to their physical locations. Managing Director at Netplusdotcom, Wole Faroun, says that the key is in incorporating point of sales (POS) systems and using them. Consumers can take advantage of being things online, but they also use systems in places like the movies, when they make use of a kiosk to purchase tickets and avoid a line. There are also companies like Amazon, that operate primarily online but are branching out into small satellite stores, to generate more awareness for the brand and so people can experience the merchandise firsthand. “When you look at the point of sale holistically, and as an e-commerce player you begin to see opportunities where you were not playing before,” explains Farun, “and if you start playing in those areas, you’ll see that there’s a win.”

3. Use Locally-Sourced Goods

Forex shortages have affected retailers quite a bit, but they haven’t affected all Nigerian retailers “A lot of retailers have been able to adapt, and some that initially pulled out have come back into the market,” says Obinna Onunkwo, a co-managing partner at Purple Capital. “Those of them that had the foresight to look for local alternatives or local producers are doing relatively well – those that were not able to make that transition are doing badly.”

Michael Ejekam understands the retail environment in Nigeria and still believes this is a good time for people to begin a business, but also adds that much of one’s success has to do with the strategy a business creates. Although these three tips may not be a comprehensive strategy for success, it’s a good start for anyone looking to get into the game right now.

Bookmark the Michael Ejekam Blog

For more news, market insights, and updates, please bookmark the Michael Ejekam blog.