 |
| Regional Managing Partner Ernst & Young (EY) West Africa, Mr. Henry Egbiki |
The Regional Managing Partner Ernst & Young (EY) West
Africa, Mr. Henry Egbiki said this while delivering a paper on the topic “Retailing
in a Post-Recession Economy- New Market Realities and Business” at the just
concluded 4th edition of the annual Retail Leaders Conference in Lagos.
Egbiki who was represented by Mr. Damilola Aloba revealed
that the drop in customer spending was caused by high inflation and weak labour
market.
He disclosed that there was slowdown in new market entrants,
adding that Foreign Direct Investment (FDI) declined by 27.2% in 2016 to
$1billion.
While speaking on the future expectation of retail sector,
Egbiki said working age population is expected to constitute over 50 percent of
the population through year 2030.
According to him, consumer spending is expected to increase
by $50billion during 2010 to 2030, adding that per capital income is expected
to reach $4.5billion by 2030.
 |
| Managing Director East and West Africa, Nielsen Mr Abhik Gupta |
Also speaking at the conference, the Managing Director East
and West Africa, Nielsen Mr Abhik Gupta while delivering a paper on the topic
“Nigerian Retail Growth Opportunities and Strategies” said that the major
reason why some brands failed in Africa is that those brands failed to
distinguish themselves from others.
He noted that much of the growth being witnessed today in
the retail sector is due to the trend of migration from rural areas toward
cities where job opportunities are more plentiful.
Speaking on the strategies to win in retail, Abhik said that
retailers should understand that shoppers’ expectations will continue to
change, adding that they must be prepared to meet up with these expectations.
He advised retailers to expect competition from new and
unexpected direction.
Abhik also advised retailers to match shoppers’ mission with
online and offline offering, emphasising that they need to work on their online
because that is the meeting point of today’s generation.
0 comments:
Post a Comment