DUBLIN--(BUSINESS WIRE)--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
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.