Leading multi-channel retailer, FoodCo Nigeria Limited, has extended its footprints in South-West with the launch of its first brand shop in Abeokuta, capital of Ogun State.
The new store brings to 14, the total number of FoodCo brand outlets in the region. It also consolidates on the brand’s growing profile as operators of the largest supermarket chain brand in South-West, outside Lagos.
Speaking at the launch, Ade Sun-Basorun, Chief Executive Officer, FoodCo Nigeria Limited, said the entry into Abeokuta was in fulfillment of the company’s commitment to makemodern retail more accessible to underserved communities as well as position it as a lifestyle complements for the contemporary shopper.
He said: “We are excited to announce the opening of FoodCo’s 14thbrand outlet in the beautiful city of Abeokuta, the land of the famous Olumo Rock.
“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. InKenya 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.
“Nigerian consumers are good, 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 is a diversified consumer goods company with interests in retail, quick service restaurants, manufacturing and entertainment. The company boasts a branch network including co-location malls, neighbourhood quick shops and supermarkets across Ibadan, Lagos and lately, Abeokuta.