Outlook for retail 10 years from now bright

Despite the macro-economic and regulatory challenges that have slowed the growth of the retail segment of real estate, the next 10 years holds out much hope for retail market in Nigeria.

The evolution of the market has been slow in the past 10 years has been slow with less than 100,000 square metres retail space available for retailers in the whole of Nigeria.

This space for 170 million Nigerians, according to discussants at a Retail Roundtable in Lagos this morning is too small, more so when compared to South Africa’s 204 million square metres for its less than 100 million population.

Challenges however remain in terms of right land size at right price and at the right place; financing constraints, rental issues and the FX debacle.

Chuka Uroko