The Nigerian retail industry has faced many challenges, including the depreciation of the naira, which has weakened consumers’ purchasing power. However, businesses can leverage this situation by adapting to the changing market conditions, according to Bunmi Adeleye, an industry expert.
Adeleye is the Chief Strategy Officer of Retail Supermarkets Nigeria Limited, also known as Shoprite.
In an interview in Lagos, she explained that despite naira depreciation, businesses such as Retail Supermarkets have found ways to adapt to the evolving economic landscape by embracing local content.
Adeleye said, “Depreciation of the naira has created opportunities for growth and localisation.”
Retail Supermarkets Nigeria was recently acquired by Persianas Investment Limited and other key institutional investors, making it a fully Nigerian-owned business that contributes to the country’s economy and provides employment opportunities for its citizens. The company has maintained its high-quality products and services for its customers despite the change in ownership. Additionally, the company plans to open more stores that showcase a wide variety of Nigerian-made products and international brands.
To overcome the challenges posed by naira depreciation, the company implemented robust procurement strategies, strengthened local supplier relationships, and focused on sourcing products locally to mitigate challenges and support the economy. It also catered for diverse purchasing powers and promoted affordability through promotions and discounts.
Adeleye believes that competition in the retail industry is essential because it helps the industry grow and improve. To stay ahead of the competition, the company partnered local suppliers and distributors, ensured a consistent supply chain, provided quality products, fresh fruits and vegetables. It also ensured everyday low prices, excellent customer service, and easily accessible stores.
Shoprite keeps up with the latest trends to offer relevant and useful products. It trained the staff to provide better customer service and utilised technology to gain insights into customer preferences and optimise operations.
Overall, Adeleye believes the retail industry in Nigeria is thriving and presents good investment opportunities for those interested.
“Retail Supermarkets’s success in adapting to the local market is a testament to the opportunities available for businesses in Nigeria,” she added.