Retail revolution spreads as Actis, Duval begin construction on Jabi Lake Mall

An encouraging demographics and strong spending power, which drive retail revolution in Nigeria, have given rise to another shopping mall in the country, this time in Abuja, the Federal Capital Territory.

Known as Jabi Lake Mall, deriving its name from its location at the waterfront of Jabi Lake, the new retail centre on which construction started just recently sits on about 48,000 square metres of land with a promise to deliver 30,000 square metres of lettable space.

The mall, touted as the largest in the country with an estimated construction cost of $100 million, is being developed as a joint venture project between Actis Nigeria and Duval Properties. An international private equity investment firm, Actis, is the foremost investor in retail centres in Nigeria and was the promoter of Ikeja City Mall and The Palms which it exited recently.

Duval Properties is an indigenous real estate investment and development firm owned by Hakeem and Myma Belo-Osagie, with Isabella Okagbue and Bello Garba as directors. It is the owner/developer of a substantial parcel of real estate on the south-western shore of Jabi Lake, Abuja.

Abuja is a strong market, says Actis, noting that the city has A and B level consumers which together with its 2.2 million people underpin its potential buying power.

“In Abuja, there are over 68,000 households with annual expenditure of over $150,000 per household which is quite fantastic. For a retailer and investor, this statistics is quite compelling and emboldening,” the company said.

According to Amanda Jean-Baptiste, director of real estate, Actis, the company is thrilled to reach this key milestone in delivering a unique shopping experience in Abuja, describing as “first rate” the assistance and cooperation of the local authorities which has allowed them to meet their delivery programme.

With Shoprite and Game, a Walmart subsidiary, already signed up as anchor tenants for 10,000 square metres of space, Jean-Baptiste says,

“We have been encouraged by the strong demand shown by retailers and restaurateurs, who, like us, see Jabi Lake Mall as a landmark destination in Nigeria.”

By: Chuka Uroko