South African retailer, Massmart, says it will expand its food retail market in West Africa, starting with Lagos, Nigeria through its creation of Value Mart for low income earners.
Massmart, which is known to operate GAME stores in West Africa, says that the success of the creation of the first Value Mart store will lead to the creation of a second one this year and at least, 10 more stores across Lagos in the next two years.
“Our presence in African countries outside of South Africa, including West Africa has typically been through Game stores. However, we have initiated a pilot test of a new, small supermarket format in Lagos,” Brian Leroni Massmart, Corporate Affairs Executive, Massmart said.
This decision by Massmart to go into food retailing started in South Africa in 2011, based on its ability to leverage on the expertise and extensive experience of its largest shareholder, Walmart. This will put its creation, Value Mart, in direct competition with Shoprite, another South African retail giant.
“Shoprite was first and we’re second but with the power of Walmart we hope to overtake them,” Grant Pattison, CEO of Massmart, said.
Massmart is determined to put consumer needs into consideration by observing the peculiarities of the West African region.
Nigeria’s retail market, based on the different economic pointers has shown to be a great recipe for success among the rising income and the middle class population. Overtaking a retail giant like Shoprite is another business only time would reveal.
Related
You might also like:
This article was first published on 17th March 2014
Comments (0)
South African retailer, Massmart, says it will expand its food retail market in West Africa, starting with Lagos, Nigeria through its creation of Value Mart for low income earners.
Massmart, which is known to operate GAME stores in West Africa, says that the success of the creation of the first Value Mart store will lead to the creation of a second one this year and at least, 10 more stores across Lagos in the next two years.
“Our presence in African countries outside of South Africa, including West Africa has typically been through Game stores. However, we have initiated a pilot test of a new, small supermarket format in Lagos,” Brian Leroni Massmart, Corporate Affairs Executive, Massmart said.
This decision by Massmart to go into food retailing started in South Africa in 2011, based on its ability to leverage on the expertise and extensive experience of its largest shareholder, Walmart. This will put its creation, Value Mart, in direct competition with Shoprite, another South African retail giant.
“Shoprite was first and we’re second but with the power of Walmart we hope to overtake them,” Grant Pattison, CEO of Massmart, said.
Massmart is determined to put consumer needs into consideration by observing the peculiarities of the West African region.
Nigeria’s retail market, based on the different economic pointers has shown to be a great recipe for success among the rising income and the middle class population. Overtaking a retail giant like Shoprite is another business only time would reveal.
