Essay: Static Retail Industry in Nigeria

Sample Essay

Due to the retail industry in Nigeria being very static, no such change or competition existed until the entrance of the South African retail business in the region. With the South African retailers taking keen interest in the Nigerian market, the competition in the Nigerian retail sector has considerably increased with a demand for better product offerings, improvements in the store image, and the better marketing programs for the Nigerian retailers. The UTC Plc is also a multinational retailer that is operating in the Nigerian retail market.

The categories of retailer formats retailers that are operating in the Nigerian retail market pertain to the small shops, shopping malls, urban centres, and independent retailers. The small shops are the most common and the most popular retailer businesses in the region. The majority of the population inNigeriacan afford these shops and frequent them for their routine consumer durable purchases. There are specialized small shops and markets that cater to the high demand of new and second hand imported electrical appliances. The shopping malls are only present in the urban regions ofNigeriawith mostly the middle and upper income population frequenting theses retailers. The malls also provide centres for entertainment for the shoppers with play areas, cinemas and eateries housed in the malls along with the retail stores. The urban centres are few and far between in the Nigerian market. These urban centres house multiple malls and high end retail shops that sell luxury brands like Chanel, Armani and Louise Vuitton. The independent retailers are the large retail chains that offer a diverse range of products under one roof like the South African retail chains. The UTC Plc Nigeria comes under the category of the independent retailer that has multinational operations.

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