ARTICLES

The Nigeria Retail Revolution & The Imperative of Information Sharing

Over the last fifteen years, the Nigeria retail industry has witnessed a gradual revolution. Modern trade has remerged (grown by 12.5 CAGR over the last 15 years up to 2014. As Nigeria actively drives the diversification of the economy, retail is driving urban regeneration with ultra-modern international mall springing forth in all key cities of Nigeria. With leisure and social opportunities increasing, retail is providing lifestyle options that drives economic velocity and leads to urban transformation. It is indeed, fast evolving into the key driver and enabler of our national socio economic growth.

The Nigeria Retail Industry is poised to become the key driver of growth over the next decade; but there are challenges and possible landmines: the industry is dealing with policy and institutional challenges in the areas of;

  • Regulatory and Trading Barriers
  • Underdeveloped Infrastructure
  • Limited Access to Retail Real Estate
  • Scant Consumer and Trade Insights
  • Limited Talent Pipeline
  • Inadequate Access to Finance
  • Poor Structure and Absence of International Best Practices
  • Poor access to information

Retailers are searching for answers, looking for help and wanting to feel that stakeholders knows, understands and will support and collaborate with them in actualising the potentials of the industry.

How do we best engage, educate and co-opt all stakeholders and actors in collaboration to;

  • surface the key issues and challenges facing retail in Nigeria;
  • bring all the key stakeholders and players to engage without suspicion and with ease;
  • agree on what needs to be done to further prosper businesses;
  • align on industry key best practices that we must embrace to optimise value;
  • make better decisions based on information and insights and
  • set retail businesses and retail as a whole on the journey to fulfilling its potentials for growth and sustainability.

Unfortunately, many retailers are largely unaware of the current revolution going on in the industry and the impact this will have on their business or where they are aware, seem not to be doing anything about it or may not know who/where to turn for answers.

A key missing piece that may have been responsible is information – the kind of information and the level of information about the retail industry at the disposal of retailers. Another is who is telling the information and the narrative that is scripted.

As industry leaders continues to work together to articulate how best to support the industry and guide it along the best transformation part, Bervidson Retail Group, Nigeria’s leading retail consulting, training and development group is once more at the forefront in providing the retail industry with the first industry specific news and information platform – Retail Info – an online news and information platform that is wholly dedicated to retail and retailing success in Nigeria.

In addition, Retail Info will also serve as a search engine for retail businesses, vendor businesses (suppliers to retail), retail job vacancies and candidates looking for retail jobs, retail events. The platform will provide views of key actors and leaders through interviews, articles and reports. In addition, the platform will be celebrating retail leaders who until date are unsung heroes of the noble profession call retail.

Retail Info therefore, is the go-to information portal for retailers, suppliers to retail, retail career minded individuals, retail investors and policy makers to get exclusive actionable insights into issues, challenges, opportunities, innovations and trends shaping the retail industry; and on how the various stakeholders and actors can advantageously improve their positions for growth and sustainability.

www.retailinfo.com.ng

 

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