Nigeria Retail Industry Report 2023: Convenience Stores Continue to Grow Amidst Difficult Period for Retailers - ResearchAndMarkets.com

DUBLIN--()--The "Retail in Nigeria" report has been added to ResearchAndMarkets.com's offering.

The analyst's Retail in Nigeria report offers insight into key trends and developments driving the industry. The report examines all retail channels to provide sector insight. Channels include hypermarkets, supermarkets, discounters, convenience stores, mixed retailers, health and beauty retailers, clothing and footwear retailers, furniture and furnishing stores, DIY and hardware stores, durable goods retailers, leisure and personal goods retailers. There are profiles of leading retailers, with analysis of their performance and the challenges they face. There is also analysis of non-store retailing: vending; homeshopping; internet retailing; direct selling, as available.

While there was double-digit current value growth in retail in 2022, constant value sales fell and there was limited openings of outlets, as continuing soaring inflation hit consumer purchasing power. Also, the Nigerian oil industry did not benefit as much as it could have from elevated global oil prices as output was low due to infrastructure deficiencies and the economy was negatively impacted by elevated global gas and food prices.

Product coverage:

Retail E-Commerce, Retail Offline.

Data coverage:

Market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

  • Get a detailed picture of the Retail market;
  • Pinpoint growth sectors and identify factors driving change;
  • Understand the competitive environment, the market's major players and leading brands;
  • Use five-year forecasts to assess how the market is predicted to develop.

Key Topics Covered:

RETAIL IN NIGERIA

EXECUTIVE SUMMARY

  • Retail in 2022: The big picture
  • Shoppers shop locally in 2022
  • E-commerce, along with social commerce, gains further value share
  • What next for retail?

OPERATING ENVIRONMENT

  • Informal retail
  • Opening hours for physical retail
  • Summary 1 Standard Opening Hours by Channel Type 2022
  • Seasonality
  • Christmas
  • Back to School

MARKET DATA

DISCLAIMER

SOURCES

CONVENIENCE RETAILERS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Strong performance for convenience stores
  • Forecourt retail continues to perform weakly
  • Convenience stores drives overall growth, despite exit of Best Choice

PROSPECTS AND OPPORTUNITIES

  • Muted constant value growth, as inflation continues to bite
  • Competition expected to increase over the forecast period
  • Omnichannel approach needed to remain competitive

CHANNEL DATA

DISCOUNTERS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Fall in spending power limits growth potential
  • Further casualty, as Shoprite exits
  • Jara performs well and benefits from exit of Shoprite

PROSPECTS AND OPPORTUNITIES

  • Muted constant value growth, as inflation continues to bite
  • Increase in costs of imports makes discounters less competitive on price
  • Growing urban population in suburban areas can drive expansion

CHANNEL DATA

HYPERMARKETS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Hypermarkets sees slow growth in 2022 due to poor economy
  • Major blow, as Massmart announces exit plans
  • New owners of Shoprite look to stabilise operations

PROSPECTS AND OPPORTUNITIES

  • Economic recovery needed to boost growth
  • Growing urban population supports demand
  • Shoprite could see further expansion over forecast period

CHANNEL DATA

SUPERMARKETS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Supermarkets perform well in 2022, despite poor economic conditions
  • Growing competition as leading retailers increase the number of outlets
  • Supermarkets begin to embrace digitalisation

PROSPECTS AND OPPORTUNITIES

  • Economic recovery will boost growth
  • Focus on improving the customer experience
  • Small investors will also help to drive strong growth in store numbers

CHANNEL DATA

SMALL LOCAL GROCERS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Small local grocers best performing grocery retailer in 2022
  • Consumers continue to shop locally post lockdowns
  • Technology supporting growth of small local grocers

PROSPECTS AND OPPORTUNITIES

  • As economy improves, consumers return to modern grocery retailing
  • Growth in the urban population boost sales
  • Digitalisation improves distribution and lowers costs

CHANNEL DATA

APPAREL AND FOOTWEAR SPECIALISTS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Fall in constant value sales, as inflation bites
  • More upmarket apparel operators fare best
  • Apparel operators increasing using the digital space to improve the customer experience

PROSPECTS AND OPPORTUNITIES

  • Once inflation stabilises, sector will recover
  • More premium operators will register higher growth
  • A renewed appreciation of traditional clothing will benefit local apparel and footwear specialist retailers

CHANNEL DATA

APPLIANCES AND ELECTRONICS SPECIALISTS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Fall in constant value sales, as inflation bites
  • Major chains struggle as consumers shift to lower priced brands
  • Appliance and electronic specialists compete effectively with other channels

PROSPECTS AND OPPORTUNITIES

  • Moderate constant value growth over forecast period
  • Local consumer interest in gadgets will continue to grow, but most will buy them from informal retailers or second hand
  • E-commerce will expand but will largely remain limited to lower-value items

CHANNEL DATA

HEALTH AND BEAUTY SPECIALISTS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Pharmacies fare better than beauty specialists
  • More premium beauty specialists fare better
  • E-commerce and social commerce continue to complement in-store sales

PROSPECTS AND OPPORTUNITIES

  • Stabilising inflation likely to help growth recover
  • Growing awareness of health issues supports growth of pharmacies
  • Diversified offerings will support demand for cosmetics

CHANNEL DATA

HOME PRODUCTS SPECIALISTS IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Fall in constant value sales, as inflation bites
  • Homewares and home furnishings fare best
  • Vitafoam continues to lead due to strong brand loyalty and distribution strength

PROSPECTS AND OPPORTUNITIES

  • Stabilising inflation and rents likely to benefit growth
  • Government faces an uphill battle to boost home ownership
  • Hypermarkets represent a competitive threat to home product specialists

CHANNEL DATA

GENERAL MERCHANDISE STORES IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Fall in constant value sales, as inflation bites
  • Variety stores grow strongly, driven by Konga and Miniso expansion
  • Muted performance for department stores

PROSPECTS AND OPPORTUNITIES

  • If inflation can be brought under control, sales will benefit
  • New store openings will drive growth in department stores
  • Variety stores register further growth

CHANNEL DATA

DIRECT SELLING IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Fall in constant value sales, as inflation bites
  • Direct selling increasingly entering the online space
  • Forever Living closing in on Oriflame

PROSPECTS AND OPPORTUNITIES

  • Opening up of society and inflation stabilising will boost sales
  • Reputation of direct selling hampered by illegal operators
  • E-commerce and social commerce to support growth of direct selling

CHANNEL DATA

VENDING IN NIGERIA

2022 DEVELOPMENTS

RETAIL E-COMMERCE IN NIGERIA

KEY DATA FINDINGS

2022 DEVELOPMENTS

  • Retail e-commerce continues to register high growth
  • Social commerce complements and competes against e-commerce
  • Growing competition further boosts retail e-commerce

PROSPECTS AND OPPORTUNITIES

  • Consumer familiarity to drive growth as more Nigerians gain access to internet enabled devices
  • Fastest growing retail channel over forecast period
  • Arrival of Amazon changes the competitive landscape

For more information about this report visit https://www.researchandmarkets.com/r/vc9qm5

Source: Euromonitor International

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900