October 31, 2019

FoodCo’s entry boosts organized retail market space


By Princewill Ekwujuru

FoodCo Nigeria Limited has formally entered into in Lagos thereby boosting the number of the organized retail market sector.

The retail shop which was founded 37 years ago in Ibadan, Oyo State is a diversified consumer goods company with interests in retail, quick-service restaurants, entertainment and manufacturing. It is also owners of the largest supermarket chain in South-West Nigeria, outside Lagos.

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Speaking during the launch of the company’s first Lagos outlet in Lekki, Ade Sun-Basorun, Chief Executive Officer (Designate), stated that the brand’s presence in Lagos will complement the industry of modern consumer retail already active in the city and fully service the needs of consumers.

He said: “We are a 37-year-old institution and a part of a small group of consumer retail companies that created formal retail in the country. We are also part of a small group that created quick-service restaurants in the country; dating back to two and a half decades.

From very early in our journey, our mission statement has always been to be the foremost retailer of consumer products in South-West Nigeria and we have had quite a lot to do to satisfy the needs of our home state of Oyo State and across other areas in the South-West region. When you have been around as long as we have, you will constantly get questions and requests from customers all over the South-West, and especially Lagos, asking when are you coming over to us. So, we finally yielded to the numerous requests and we are excited today to be opening our first location in Lekki, in the great city of Lagos”.

“Lagos is one of the rare examples in Nigeria that is blessed with many well run and capable retail organizations. We are grateful for an opportunity to join in the mix and be one of the many quality providers that can assist in providing access to retail for all 15millionLagosians.Some of the benefits of having been around for over 30 years is that we have had a lot of chances to learn how to do things right.

FoodCo processes have been developed and refined well over three decades so we are confident of an exciting time in this market based on the assurance of premium quality and pocket-friendly prices synonymous with the FoodCo heritage,” he added.

Responding to questions on the prospects of modern retail in the country, Sun-Basorun opined: “Modern retail is relatively new in Nigeria. Supermarkets of a 1000-2000 square metres with the full range of products that we offer are something we don’t have everywhere yet. 80-90 per cent of trade still comes through semi-formal or informal shops.

While modern retail will continue to take a higher share, the truth is that all the formats are going to co-exist for a long time. It is going to be a co-existence of the multiple platforms and consumers having multiple choices, depending on what they are trying to achieve and what their needs are.”