All roads lead to Eko Hotel and Suites in Lagos this
Wednesday for this year’s edition of the annual Retail Leaders Conference
organised by Bervidson Retail Group.
The Conference is an exciting one-day event that includes a
combination of high-level strategic thinking, business envisioning and in-depth
explorations of winning retail strategies and opportunities. This year’s
Conference comes against the backdrop of major economic upheavals and
structural challenges. The government is actively seeking to reposition the
country with emphasis on diversification of the economy. A key sector that is
set to become a major growth pillar is retail.
The President/ Chief Executive Officer of Bervidson Retail
Group, convener of ‘The Retail Leaders Conference,’ Mr. Joseph Ebata in an
exclusive interview with BRANDINFO said that he expects this year’s edition to
build on the successes of past editions.
According to him, “our focus is on galvanising support for
the retail industry from all stakeholders, particularly the government. This year’s conference comes against the
backdrop of the current national economic challenge. With the government
actively trying to reposition the economy, this Conference will show retail as
the key sector that is set to become a key driver of our national economic
growth.”
He noted that the potential of retail is huge from
contribution to GDP and to employment.
“When everything boils down to the basics, the volume and
momentum of trade is the engine of economic growth. At the core of trade, and
as the ultimate point of value exchange is retail,”
“Globally, Retails plays a dual role as a key driver and as
a catalyst of world economic growth. As a driver, it contributes $19 trillion
to global GDP, representing 27% of global output and employs more than 17% of
the global workforce. As a catalyst, it is the point where supply meets demand,
and it is how goods and service reach the final point of exchange,”
“As Nigeria actively drives the diversification of the
economy, Retail is driving urban regeneration with ultra- modern international
mall springing forth in all Key Cities of Nigeria. With leisure and social
opportunities, the Nigerian Retail landscape is evolving to provide lifestyle
options that drives economic velocity and leads to urban transformation,”
“Retail contributes 16-18% of Nigeria’s GDP with a size of
$38.8 Billion in 2010 and the 3rd leading contributor to GDP (after
Agriculture, Forestry and Fishing, and Mining and Quarrying). It attracted investment of N205.4bn ($1.3bn)
between 2014 and 2015, growing at a CAGR of 14% and it contributes about 7% to
national employment in Nigeria. When compared with retail’s contribution to
Global employment of more than 17%, it clearly shows the huge potential of
retail to support government’s effort in solving the county’s unemployment
challenge in the country,”
“According to the 2016 AT Kearney Global Retail Development
Index, despite country’s economic recession, Nigeria Retail sector ranked 19th
in the world and 3rd in Africa out of the 30 top developing countries for
retail investment in the world, based on all relevant macroeconomic and
retail-specific variable, grossing a total national sale of N38tn ($125bn) in
2016,” Ebata stated.
He however said that Retail is dealing many challenges; from
dearth of talents, high cost of real estate, institutional and policy issues,
government regulations, multiple taxation, inadequate access to finance.
According to him retail is worse hit by the tightness in the
financial industry and foreign exchange challenges, adding that if the industry
must survive and thrive to play the role of a key driver of national economic growth
– GDP, Employment, the current arrangement must change.
Ebata said that this Conference will draw the attention of
stakeholders to these issues, address them and adopt solution to set retail on
the journey to fulfilling its potentials.
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