BARELY three years ago, the far-reaching impact of recession on retail spending and consequently retail mall developments saw a shift towards smaller sized malls, as the numbers for developing large outlets were increasingly difficult to justify.
There were several instances of shops carved out of residences in the metropolis as shops. Places where such development was hugely in demand included Ikeja, Surulere, Yaba and Lekki as SMEs went shopping for retail space.
An industry watcher, Emmanuel Ologunde noted thus: “Large malls in the thick of the battle to reduce vacancies solidified existing relationships with sitting tenants, giving big name brands concessions. In exchange, their brand power would be influential in attracting lesser-known brands that would not have taken up space otherwise.
“The aggregate effect was a reduction in vacancies. Vacancies in Lagos reduced by a significant percentage in places like Novare Mall, Adeniran Ogunsanya Mall, Ikeja City Mall and Silverbird Galleria,among others.”
However, a visible example of resurgence in retail outlet in Lagos were the Hubmart Malls in Ikeja, Victoria Island and the newly opened one in Lekki Phase 1.
Conducting journalists round the complex recently, Hubmart’s acting Vice President (Marketing), Chieng Fuller, who stated that the mall’s slogan, “Happy to help always”, was not just a slogan, but that it depicts the philosophy of Hubmart which is essentially to render quality services to the customers, with big emphasis on hygiene.
“Heading the list of star attractions is the Hubmart food court which will boast of a deli and several other exciting offers. This is located on the first floor of the building for those looking for a quick bite and a relaxing atmosphere to enjoy their favorite meals”, Fuller said.
The mall, apart from rendering quality items, provides for equipment that befits such multi-million naira investment. These including expansive parking space, capable of accommodates 100 cars at once.
Hubmart stores which prides itself on its Nigerian heritage, superior customer service and excellent quality in the fresh product categories; continues in its quest affirm its mantra of being the best destination for shoppers in the country by providing services that guarantee value for money, delightful shopping, good security and the wide assortment as well as very high quality ultra-fresh products.
It was also stated that the shopping mall would provide employment to over 150 Nigerians, 60 percent of which would be sourced from the local community, and serve as a source of livelihood to many more via the extended circle of influence on the local communities, suppliers, engaged vendors, and so on.
The Palms in Sango Ota is also attracting significant patronage despite the state Nigeria’s economy.
Online retail is also growing as an estimated significant Nigerians access the Internet. Jumia and Konga, the country’s largest e-commerce companies are. Creating waves with the Internet technology.