Traditional markets still trump formal retail supermarkets in Africa.
Nigeria has just a handful of formal shopping centers each with more than 10,000 square meters (107,600 square feet) of leasable space. But that’s changing. Several large malls are under construction in Nigeria.
Sixty percent of South Africans shop in formal retail supermarkets compared to 2 percent of Nigerians, according to VenturesAfrica and BusinessDaily.
AFKInsider looked at Nigeria’s 18 largest shopping malls now in operation or soon-to-be, and found that almost every one of them is anchored by South African brands, or counts South African companies among its largest stakeholders — or both.
Des de Beer, director of Resilient Africa Real Estate, identified Nigeria as the country where he believes his group can best replicate its South African retail property model, Vanguard reports.
Resilient Africa Real Estate is partly owned by Shoprite and Standard Bank. De Beer told Vanguard he believes Nigeria offers the promise of better returns than South Africa, where opportunities for new retail developments have become relatively few and far between.
Nigeria has more than 100,000 square meters (1 million-plus square feet) of leasable area in modern-format shopping centers and will be adding another 180,000 square meters of retail space by 2016, according to the Broll Property Report. The largest of these shopping centers in operation now or under construction are listed below, from smallest to largest.
Check out the companies that own and anchor Nigeria’s 18 largest shopping malls.
http://afkinsider.com/95647/who-owns-and-anchors-nigerias-18-largest-shopping-malls/
