{"id":5706,"date":"2017-08-14T01:25:18","date_gmt":"2017-08-14T01:25:18","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/nigeria-attracts-1-5b-investments-in-retail-sector\/"},"modified":"2017-08-14T01:25:18","modified_gmt":"2017-08-14T01:25:18","slug":"nigeria-attracts-1-5b-investments-in-retail-sector","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/nigeria-attracts-1-5b-investments-in-retail-sector\/","title":{"rendered":"Nigeria attracts $1.5b investments in retail sector\u00a0"},"content":{"rendered":"

\n<\/p>\n

\"\"<\/p>\n

Hubmart<\/p>\n<\/div>\n

\nDespite the nation\u2019s tough economic standing in the real estate<\/a> industry, Nigeria attracted over $1.5 billion in investments into its formal retail sector over the last three years.
\n\u00a0
\nOne of such investments is the new shopping mall known as Hubmart in Ikeja, Lagos, which is fully indigenous and sits on 4500 squares metres \u00a0land with\u00a0 a\u00a0 100 car parking space capacity made up of 70 outside and 30 under ground.
\n\u00a0\u00a0
\nBefore now, modern retailing is considered alien to the Nigerian business landscape, constituting between five and six percent of the total market value, which is considered as traditional in the nature. Presently, retail trade accounts for about 30 per cent of the world\u2019s GDP (Gross Domestic Product, representing about $22 trillion of retail sales each year. \u00a0
\n\u00a0 \u00a0
\nStatistics also show that over 80 million Nigerians now live in metropolitan areas, creating huge opportunities for formal retail to thrive.Furthermore,\u00a0a recent report by Cluttons Nigeria,\u00a0 depicted \u00a0that retail real estate, remains attractive to foreign investors with \u00a0new schemes being churn out\u00a0 to the market, particularly at the smaller end of the scale, with Lagos seeing an increased development pipeline of smaller centres of fewer than 5,000 square metres.
\n\u00a0\u00a0
\nWith just eight shopping centres to service Lagos\u2019 population, the retail mall sector remains vastly underserved. Lagos is yet to see\u00a0the birth of mega malls in excess of 100,000 sqm.\u00a0 \u201cFor now, we are aware that investors are still showing an interest in retail investments, driven purely by the strong demand-supply mismatch. It is our view however that the government will need to intervene to preserve and foster the growth of this nascent sector before the challenging economic environment, coupled with debilitating capital controls, drives both retailers and investors out of the market.\u00a0
\n\u00a0\u00a0
\nHubmart, the two-floor building unveiled\u00a0by the Managing director of Guaranty Trust Bank Mr Segun Agbaje consists of ultramodern facilities designed to create amazing and mind numbing shopping experience for customers and residents in the Ikeja and its environs.
\n\u00a0
\nThe chairman of Hubmart Shopping mall,\u00a0 Chris Ogboche said the mall will soon spread to all major cities in Nigeria .\u00a0\u201cOur vision is to be the leader, there is nothing stopping us to be the leader, we have 180million people who wants the good will of life and we are here to make that possible.\u201d Ogboche said.\u00a0
\nAccording to him, the business doesn\u2019t rely on foreign exchange,\u200e it depends on Nigeria businesses that are produced here and something Nigerians bring into the country.\u00a0
\n\u00a0
\nHe\u00a0further noted that the mall would encourage youths, create empowerment and also alleviate poverty.For the Managing Director of Hubmart Stores Limited, Murat Bektasla, the mall, was immaculately designed with delightful and exciting customer shopping experiences in mind.\u00a0He emphasized that a 856 square metres lettable space will be reserved for\u00a0strategic partnership\u00a0to meet customers\u2019 demands.
\n\u00a0
\nThe multi billion-naira edifice was completed within a year and has over 150 people in\u00a0its employ.\u00a0According to him, shoppers are treated to an exquisite range of products from renowned local and international brands ranging from household items to dairy, confectionaries, toiletries, groceries and a fresh section in the store proper.\u00a0<\/p>\n

On\u00a0\u00a0 why the mall was cited in Ikeja, Murat stated that Ikeja was key because, apart from being the capital of Lagos state, Ikeja is centrally located and easy to access from various parts of Lagos.\u00a0
\n\u00a0
\nHe noted that apart from some of the community development efforts embarked upon, the business was poised to engage and positively impact the local community with the array of initiatives in the pipeline
\n\u00a0\u00a0
\nAlso the Assistant Vice president, Marketing, Cheng Fuller said, the firm has created an environment where customers can find everything they want under one roof, get the best quality of ultra-fresh produce, and have a delightful, fulfilling and exciting shopping trip.
\n\u00a0\u00a0
\n\u201cHubmart stores pride 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.
\n\u00a0<\/p>\n

Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hubmart Despite the nation\u2019s tough economic standing in the real estate industry, Nigeria attracted over $1.5 … Nigeria attracts $1.5b investments in retail sector\u00a0<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5707,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1399,9697,617,684,522,41,84,1429,15282],"class_list":["post-5706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-development","tag-foreign-investors","tag-house","tag-lagos","tag-nigeria","tag-property","tag-real-estate","tag-real-estate-industry","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/Hubmart.jpg?fit=1270%2C714&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7229,"url":"https:\/\/amazingproperty.com.ng\/blog\/investors-complete-68m-novare-gateway-abuja\/","url_meta":{"origin":5706,"position":0},"title":"Investors complete $68m Novare Gateway Abuja","author":"Amazing Property","date":"November 27, 2017","format":false,"excerpt":"With retail sector thriving in Nigerian cities, Novare Africa Real Estate Africa has announced plans to open a $68 million new mall in the Federal Capital Territory (FCT) known as Novare Gateway Abuja. Novare Gateway is Novare Real Estate Africa\u2019s third retail and commercial development in Nigeria, and to date\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Novare Gateway Mall.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Novare-Gateway-Mall.jpg?fit=1200%2C674&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Novare-Gateway-Mall.jpg?fit=1200%2C674&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Novare-Gateway-Mall.jpg?fit=1200%2C674&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Novare-Gateway-Mall.jpg?fit=1200%2C674&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Novare-Gateway-Mall.jpg?fit=1200%2C674&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":7249,"url":"https:\/\/amazingproperty.com.ng\/blog\/nigeria-office-market-has-swung-into-tenants-favour\/","url_meta":{"origin":5706,"position":1},"title":"\u2018Nigeria office market has swung into tenants\u2019 favour\u2019","author":"Amazing Property","date":"November 27, 2017","format":false,"excerpt":"Erejuwa Gbadebo
EREJUWA GBADEBO, a member of the Royal Institute of British Architects (RIBA) has cut her teeth in the real estate sector as the former CEO of Broll Nigeria and chief executive of the Nigerian subsidiary of the prestigious firm - Cluttons LLP, which is transitioning to International\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Erejuwa Gbadebo.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Erejuwa-Gbadebo.jpg?fit=1200%2C674&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Erejuwa-Gbadebo.jpg?fit=1200%2C674&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Erejuwa-Gbadebo.jpg?fit=1200%2C674&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Erejuwa-Gbadebo.jpg?fit=1200%2C674&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/Erejuwa-Gbadebo.jpg?fit=1200%2C674&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3195,"url":"https:\/\/amazingproperty.com.ng\/blog\/firm-targets-diaspora-investments-in-real-estate-sector\/","url_meta":{"origin":5706,"position":2},"title":"Firm targets\u00a0diaspora investments in real estate sector","author":"Amazing Property","date":"April 10, 2017","format":false,"excerpt":"Real estate To bridge the gap between the real estate developers and potential investors, a Nigerian firm has taken a bold step to attract investment outside the country. The firm, T.A.G Nigeria Limited plans to stage an exhibition \u2013 TAG EXPO 2017 in Houston, Texas, United States of America (USA)\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/Real-Estate1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":7502,"url":"https:\/\/amazingproperty.com.ng\/blog\/investors-firm-in-n3b-royal-exchange-mall-redevelopment\/","url_meta":{"origin":5706,"position":3},"title":"Investors, firm in N3b Royal Exchange Mall redevelopment","author":"Amazing Property","date":"December 18, 2017","format":false,"excerpt":"Proposed Royal Exchange MallTangible dividends accruing to Nigeria for sustaining its democracy appear to have notched higher still, with the renewed confidence of real estate investors in the retail sector. Edging aside competition from other private developers and investors, Property vault Limited has recently signed an agreement with Royal Exchange\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mall 18 12 2017.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/Mall-18-12-2017.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/Mall-18-12-2017.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/Mall-18-12-2017.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/Mall-18-12-2017.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/Mall-18-12-2017.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5919,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-investments-defy-economic-slowdown-begin-modest-recovery\/","url_meta":{"origin":5706,"position":4},"title":"Real estate investments defy economic slowdown, begin modest recovery","author":"Amazing Property","date":"August 28, 2017","format":false,"excerpt":"Aerial view of buildings and markets on Lagos Island. Nigeria is expected to continue inching its way towards real estate recovery, as property investors are able to repatriate investment capital, pay dividends, conduct export related transactions and meet other financial obligations. However, consolidating these relative improvements will require a sustainable\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"economy.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/economy.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/economy.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/economy.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/economy.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/economy.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":1864,"url":"https:\/\/amazingproperty.com.ng\/blog\/dangote-refinery-free-trade-zone-lift-lagos-real-estate\/","url_meta":{"origin":5706,"position":5},"title":"Dangote refinery, free trade zone lift Lagos real estate","author":"Amazing Property","date":"March 13, 2017","format":false,"excerpt":"On-going public and private sector synergy leading to the development of Dangote Refinery Project and Lagos Free Trade Zone (FTZ) have been received by the real estate community last week with mixed feelings, with the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) decrying the non-involvement of\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/lekki-free-Zone.jpg?fit=1200%2C696&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/lekki-free-Zone.jpg?fit=1200%2C696&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/lekki-free-Zone.jpg?fit=1200%2C696&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/lekki-free-Zone.jpg?fit=1200%2C696&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/lekki-free-Zone.jpg?fit=1200%2C696&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=5706"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/5707"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}