Foremost multi-channel retailer, Foodco Nigeria Limited has extended its footprints in South- West Nigeria with the launch of its first brand shop in Abeokuta, the capital of Ogun State.
The new store makes it FoodCo 14th brand outlets in the South-West region, thus consolidates on the brand’s growing profile as operators of the largest supermarket chain brand in south-west Nigeria, outside Lagos.
Speaking at the launch, Chief Executive Officer of FoodCo Nigeria, ,Ade Sun-Basorun stated that the new addition was in fulfillment of the company’s commitment to making modern retail more accessible to underserved communities.
He said, “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.
“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.”
Sun-Basorun further extolled the rich and worthy to be emulated qualities of Nigerian consumers, adding that they deserve quality shopping experience.
He said, “Nigerian consumers are good and hard-working people that want a good quality of life like people all over the world. One of those things that contributes to having a good quality of life is having a quality experience when you go out to purchase consumer goods and services. So, we feel a responsibility to do our part as an industry stakeholder to continue to serve consumers and give them the sort of experience that would allow that quality of consumer service that they are desirous of. In so doing, our hope is that more and more consumers can come to enjoy and experience the benefits of modern retail”.
Established in 1982, FoodCo boasts a branch network including co-location malls, neighborhood quick shops and supermarkets across Ibadan, Lagos and now, Abeokuta.